Ford nonetheless has extra room to run in 2022 after a stellar efficiency final 12 months, CNBC’s Jim Cramer mentioned Tuesday.
Shares of Ford surged one other roughly 10% to greater than $24 on the second buying and selling day of the 12 months. They hit a recent 52-week excessive — constructing on Monday’s almost 5% soar, which adopted final 12 months’s 136% improve.
“The sky is the restrict for Ford this 12 months. It’ll be terrific,” Cramer mentioned on “Squawk Field.”
Ford was left for useless on Wall Road earlier than the Covid-19 outbreak, hitting a pandemic low round $4 a share in March 2020. However the automaker obtained a brand new CEO in Jim Farley on Oct. 1, 2020 — since then, the inventory has greater than tripled.
Cramer’s newest optimism round Ford got here because the automaker introduced plans to just about double annual manufacturing capability of its upcoming electrical F-150 pickup to 150,000 autos per 12 months by mid-2023. The “Mad Cash” host mentioned he believes Ford can do 200,000 battery-powered autos this 12 months.
“I have been a giant backer of Ford as a part of the charitable belief. Farley has performed a exceptional job. He is forward of Musk relating to the pick-up truck,” Cramer mentioned, referring to Elon Musk’s Tesla, which has repeatedly pushed again manufacturing of its deliberate Cybertruck. It now seems prefer it will not begin till 2023.
Ford additionally mentioned Tuesday it restarted reservations for the F-150 Lightning after Farley advised Cramer throughout final month’s “CNBC Investing Membership” particular that reservations needed to be paused because of excessive demand.
In a November interview in Automotive Information, Farley mentioned Ford plans to extend EV manufacturing capability to 600,000 models globally by 2023.
Cramer mentioned Tuesday the Ford Mustang Mach-E SUV “does make some huge cash.” He added that Farley “does not prefer to make issues that do not become profitable.”
Final month, Ford mentioned it expects to triple the output of the Mach-E to over 200,000 models per 12 months by 2023.
However Ford has an extended approach to go to realize these lofty Mach-E and F-150 Lightning targets. For all of final 12 months via November, Ford sold just 24,791 Mach-Es.
Against this, Tesla delivered a document 936,172 electrical autos final 12 months. That is an 87% improve versus 2020, when the EV-maker reported its first annual revenue on deliveries of 499,647.
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