We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Ford (F) Trims F-150 Lightning Production Target for 2024
Read MoreHide Full Article
Per reports, Ford Motor Company (F - Free Report) has reduced its planned production target of F-150 Lightning to half for 2024. In light of slowing demand, the automaker took a step back after significantly increasing its plant capacity for electric vehicles (“EVs”) this year.
Per a memo to a dealer, first reported by Automotive News, Ford plans to bring down its average weekly production volume at Rouge Electric Vehicle Center in Dearborn, MI, to 1,600 trucks, down from the current production volume of 3,200 per week.
During the third quarter’s earnings call, Ford’s executives shared plans to cancel or delay nearly $12 billion in EV investments due to softening demand for premium vehicles. Year-to-date, the company has lost almost $3.1 billion on EV spending and anticipates losing a total of $4 billion this year.
After receiving 200 thousand reservations for the F-150 Lightning in January 2022, Ford announced it would double its production capacity to 150 thousand units per year by mid-2023. To achieve its production target, the automaker idled its Rouge Electric Vehicle Center in early 2023.
However, the demand for EVs has been slower than anticipated due to higher prices and interest rates. Year-to-date, Ford has sold a total of 20,365 trucks, up from 13,258 sold in the corresponding period of 2022. The growth in demand lags far behind the expectations of automakers, which compelled them to reduce investments in EVs.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings indicates year-over-year growth of 4.2% and 65.6%, respectively. The EPS estimates for 2023 and 2024 have increased 32 cents and 11 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for RNLSY’s 2023 sales and earnings indicates year-over-year growth of 4.5% and 128.1%, respectively. The EPS estimates for 2023 and 2024 have increased 15 cents and 2 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BYDDY’s 2023 sales indicates year-over-year growth of 160.2%. The EPS estimates for 2023 and 2024 have increased 59 cents and 55 cents, respectively, in the past 60 days.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Ford (F) Trims F-150 Lightning Production Target for 2024
Per reports, Ford Motor Company (F - Free Report) has reduced its planned production target of F-150 Lightning to half for 2024. In light of slowing demand, the automaker took a step back after significantly increasing its plant capacity for electric vehicles (“EVs”) this year.
Per a memo to a dealer, first reported by Automotive News, Ford plans to bring down its average weekly production volume at Rouge Electric Vehicle Center in Dearborn, MI, to 1,600 trucks, down from the current production volume of 3,200 per week.
During the third quarter’s earnings call, Ford’s executives shared plans to cancel or delay nearly $12 billion in EV investments due to softening demand for premium vehicles. Year-to-date, the company has lost almost $3.1 billion on EV spending and anticipates losing a total of $4 billion this year.
After receiving 200 thousand reservations for the F-150 Lightning in January 2022, Ford announced it would double its production capacity to 150 thousand units per year by mid-2023. To achieve its production target, the automaker idled its Rouge Electric Vehicle Center in early 2023.
However, the demand for EVs has been slower than anticipated due to higher prices and interest rates. Year-to-date, Ford has sold a total of 20,365 trucks, up from 13,258 sold in the corresponding period of 2022. The growth in demand lags far behind the expectations of automakers, which compelled them to reduce investments in EVs.
Zacks Rank & Key Picks
F currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the auto space are Volvo (VLVLY - Free Report) , Renault SA (RNLSY - Free Report) and BYD Company Limited (BYDDY - Free Report) , each sporting Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings indicates year-over-year growth of 4.2% and 65.6%, respectively. The EPS estimates for 2023 and 2024 have increased 32 cents and 11 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for RNLSY’s 2023 sales and earnings indicates year-over-year growth of 4.5% and 128.1%, respectively. The EPS estimates for 2023 and 2024 have increased 15 cents and 2 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BYDDY’s 2023 sales indicates year-over-year growth of 160.2%. The EPS estimates for 2023 and 2024 have increased 59 cents and 55 cents, respectively, in the past 60 days.