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Ford's (F) Valencia Unit to Enhance EV Efforts in Europe
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Ford Motor Company (F - Free Report) recently announced its plans to transition into an all-electric future in Europe. It has earmarked its plant in Valencia, Spain, to assemble vehicles based on next-generation electric vehicle (EV) architecture. The architecture is a vital step for Ford in Europe as it will not only carve out a thriving business but also reduce emissions in line with the Paris Climate Agreement.
The company’s promising plans in Europe, part of its Ford + plan, cover an exciting line-up of EVs, including an electric version of the popular Ford Puma. It also intends to spearhead its influence in the commercial domain with electric Ford Pro vehicles and connected services. The company aims to sell 600,000 EVs in the country annually in 2026.
The Valencia plant has the potential to produce path-breaking electric and connected vehicles, beginning later this decade, once it clears customary approvals. The business promises to be a profitable one and secure high-value employment. It also seeks to enhance Ford’s offering of premium electric, high-performance, fully connected vehicles that cater to the demand of its European customers.
The recent decision also follows the conclusion of consultations with teams in Valencia and Saarlouis, Germany. The Saarlouis plant will continue to produce the Ford Focus passenger car, while the future site’s concepts are also the company’s lookout.
Ford restated that Germany will be the headquarters of its European Model e-business and the site of its first domestic European EV production. The advanced Cologne Electrification Centre will begin production in late 2023. Ford’s ambitious investments in Germany look to steer the nation to new heights in technology and engineering. It is also moving ahead with its $2 billion investment plan of converting its Cologne, Germany, operations into producing electric passenger vehicles, starting in 2023.
Ford’s EV sales in the continent have seen massive growth in recent times. In 2021 it increased 65% to 2.3 million. The Parliamentary body in Europe has also vouched for new emission targets for light-duty vehicles, including a requirement that new sales should be from completely zero-emission vehicles, by 2035.
The Ford+ plan, with a deep focus on increasing profitability, exploring the e-mobility future and enhancing customer experience, sparks optimism. Ford’s ambitious rejig plan to split its EV business into a separate unit within the company will unlock growth opportunities. The firm’s aggressive EV push, with planned spending of around $50 billion by 2026 and the target production of more than 2 million EVs by 2026-end (representing 70% CAGR), augurs well for long-term growth. The company’s all-electric efforts in Europe complement this goal. By 2030, Ford expects EVs to account for 50% of its global sales, which will cement its position in the red-hot EV landscape.
Shares of Ford have lost 24.8% over the past year compared with its industry’s 25.8% decline.
Wabash National has an expected earnings growth rate of 239.3% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Wabash National’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. WNC pulled off a trailing four-quarter earnings surprise of 51.26%, on average. The stock has declined 15.3% over the past year.
Fox Factory has an expected earnings growth rate of 14.9% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Fox Factory’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. FOXF pulled off a trailing four-quarter earnings surprise of 10.18%, on average. The stock has declined 49.7% over the past year.
Standard Motor has an expected earnings growth rate of 5.2% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 3.1% upward in the past 30 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 40.34%, on average. The stock has declined 1% over the past year.
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Ford's (F) Valencia Unit to Enhance EV Efforts in Europe
Ford Motor Company (F - Free Report) recently announced its plans to transition into an all-electric future in Europe. It has earmarked its plant in Valencia, Spain, to assemble vehicles based on next-generation electric vehicle (EV) architecture. The architecture is a vital step for Ford in Europe as it will not only carve out a thriving business but also reduce emissions in line with the Paris Climate Agreement.
The company’s promising plans in Europe, part of its Ford + plan, cover an exciting line-up of EVs, including an electric version of the popular Ford Puma. It also intends to spearhead its influence in the commercial domain with electric Ford Pro vehicles and connected services. The company aims to sell 600,000 EVs in the country annually in 2026.
The Valencia plant has the potential to produce path-breaking electric and connected vehicles, beginning later this decade, once it clears customary approvals. The business promises to be a profitable one and secure high-value employment. It also seeks to enhance Ford’s offering of premium electric, high-performance, fully connected vehicles that cater to the demand of its European customers.
The recent decision also follows the conclusion of consultations with teams in Valencia and Saarlouis, Germany. The Saarlouis plant will continue to produce the Ford Focus passenger car, while the future site’s concepts are also the company’s lookout.
Ford restated that Germany will be the headquarters of its European Model e-business and the site of its first domestic European EV production. The advanced Cologne Electrification Centre will begin production in late 2023. Ford’s ambitious investments in Germany look to steer the nation to new heights in technology and engineering. It is also moving ahead with its $2 billion investment plan of converting its Cologne, Germany, operations into producing electric passenger vehicles, starting in 2023.
Ford’s EV sales in the continent have seen massive growth in recent times. In 2021 it increased 65% to 2.3 million. The Parliamentary body in Europe has also vouched for new emission targets for light-duty vehicles, including a requirement that new sales should be from completely zero-emission vehicles, by 2035.
The Ford+ plan, with a deep focus on increasing profitability, exploring the e-mobility future and enhancing customer experience, sparks optimism. Ford’s ambitious rejig plan to split its EV business into a separate unit within the company will unlock growth opportunities. The firm’s aggressive EV push, with planned spending of around $50 billion by 2026 and the target production of more than 2 million EVs by 2026-end (representing 70% CAGR), augurs well for long-term growth. The company’s all-electric efforts in Europe complement this goal. By 2030, Ford expects EVs to account for 50% of its global sales, which will cement its position in the red-hot EV landscape.
Shares of Ford have lost 24.8% over the past year compared with its industry’s 25.8% decline.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
F carries a Zacks Rank #3 (Hold), currently.
Some better-ranked players in the auto space are Wabash National Corporation (WNC - Free Report) , sporting a Zacks Rank #1 (Strong Buy) and Fox Factory Holdings (FOXF - Free Report) and Standard Motor Products (SMP - Free Report) , each carrying a Zacks Rank #2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
Wabash National has an expected earnings growth rate of 239.3% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Wabash National’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. WNC pulled off a trailing four-quarter earnings surprise of 51.26%, on average. The stock has declined 15.3% over the past year.
Fox Factory has an expected earnings growth rate of 14.9% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Fox Factory’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. FOXF pulled off a trailing four-quarter earnings surprise of 10.18%, on average. The stock has declined 49.7% over the past year.
Standard Motor has an expected earnings growth rate of 5.2% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 3.1% upward in the past 30 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 40.34%, on average. The stock has declined 1% over the past year.