Ford stock was trading at $12.05 as of 02:13 PM EDT on Friday.
On Friday, Ford Motor Company (NYSE:F) started building “BlueOval City,” a $5.6 billion high-tech assembly facility dedicated to producing electric vehicles. By late 2026, the company expects to produce 2 million electric vehicles annually, and it claims that the new plant will be essential to that goal. Once manufacturing gets underway in 2025, it will provide about 6,000 jobs in Haywood County, Tennessee. A concentration on electric trucks and cutting-edge batteries for Ford (NYSE:F) and Lincoln vehicles is planned for production.
Ford’s director, Eric Grubb, stated, “We are constructing the future right here in West Tennessee.” Ford will lead the transition to electric vehicles in America thanks to this plant, which will serve as a model for its future manufacturing locations.
Ford stock fell 2.11% in premarket trade, taking its weekly loss to almost 13%.
Forecast on Ford stock
Ford reiterated its full-year operating profit projection of $11.5 billion to $12.5 billion, which seems unusual given the serious warning.
The revelation caused the price of Ford to fall, and GM and Tesla shares also declined in sympathy. Given the generally bullish comments on demand and the bottom line made when second-quarter earnings were announced in late July, the attitude on Wall Street is that Ford’s caution is a bombshell. The Street is currently rushing to reduce profit and valuation projections for the company.
Ford Motors (NYSE:F) is increasingly becoming an electric vehicle (EV) manufacturer. Most investors do not conceive of it as belonging to that group of companies. Shares of numerous technology and growth companies have fallen sharply this week. In an effort to appease investors, Ford reaffirmed its projection for adjusted profits before interest and taxes (EBIT) of between $11.5 billion and $12.5 billion in 2022. However, it appears that some investors aren’t buying it. Furthermore, the company is making investments to develop an EV product lineup, so it would be unfortunate to see a decline in earnings and cash flow at this time. More on the Ford stock analysis on Fool.
Featured Image- Megapixl @ Bondarviktor
Author Jowi Kwasu 
