According to a statement by Ford Motor Company (F), its latest joint venture in China strives to achieve a sizable expansion in the local electric vehicle market. The auto maker is seeking to make 70% of its vehicle line-up in the country electric by the year 2025.
Ford shares closed higher for a second consecutive trading session on Tuesday. The stock went up 0.76% ($0.08) to $10.65, after touching an intraday high at $10.73, or a price level not seen since August 17th ($10.80). In the week ended on August 20th the shares of the global automotive company lost 1.95% of their market value compared to a week ago, which marked a fifth consecutive period of decrease. The stock has extended its loss to 5.08% so far during the current month, following a 0.27% increase in July. The latter has been a second consecutive monthly gain, but yet, the smallest one in at least 60 months. For the entire past year, the shares of the NYSE-listed company lost 13.91%. The stock has retreated 12.20% so far during 2017.
Fords new partner, Zotye Auto, reportedly sold over 16 000 electric vehicles during the first seven months of 2017, which accounted for an approximately 7% share of the entire Chinese EV market.
“Electric vehicles will be a big part of the future in China and Ford wants to lead in delivering great solutions to customers”, Peter Fleet, Ford Asia Pacifics executive was quoted as saying by Seeking Alpha.
Ford is likely to face fierce competition in the Chinese EV market, with companies such as Toyota, Nissan, General Motors, BMW and Tesla also making a strong push.
According to CNN Money, the 26 analysts, offering 12-month forecasts regarding Ford Motor Company’s stock price, have a median target of $12.15, with a high estimate of $17.00 and a low estimate of $9.00. The median estimate is a 14.08% surge compared to the closing price of $10.65 on August 22nd.
The same media also reported that 16 out of 26 surveyed investment analysts had rated Ford Motor Company’s stock as “Hold”, while 7 – as “Buy”. On the other hand, 2 analysts had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, today’s levels of importance for the Ford stock are presented as follows:
R1 – $10.66
R2 – $10.67
R3 (Range Resistance – Sell) – $10.68
R4 (Long Breakout) – $10.72
R5 (Breakout Target 1) – $10.75
R6 (Breakout Target 2) – $10.77
S1 – $10.64
S2 – $10.63
S3 (Range Support – Buy) – $10.62
S4 (Short Breakout) – $10.58
S5 (Breakout Target 1) – $10.55
S6 (Breakout Target 2) – $10.53
By using the traditional method of calculation, the weekly levels of importance for Ford Motor Company (F) are presented as follows:
Central Pivot Point – $10.68
R1 – $10.88
R2 – $11.21
R3 – $11.41
R4 – $11.62
S1 – $10.35
S2 – $10.15
S3 – $9.82
S4 – $9.50