Ford Motor Company (F) is expected to initiate tests of its latest self-driving vehicle technology in 2018 in at least one city. On the other hand, Fords plan to initiate commercial production until 2021 has not been changed, the auto maker said in a statement on Thursday.
Ford shares closed higher for the third time in the past six trading sessions on Thursday. It has also been the sharpest daily surge since November 29th. The stock went up 1.21% ($0.15) to $12.53, with the intraday high and the intraday low being at $12.59 and $12.33 respectively.
In the week ended on December 3rd the shares of the global automotive company added 3.97% to their market value compared to a week ago, which marked a second consecutive period of gains. It has also been the best performance since the week ended on September 3rd.
The stock has neutralized earlier losses and is now up 0.08% so far during the current month, following a 2.04% surge in November. The latter has been a third consecutive month of gains.
For the entire past year, the shares of the NYSE-listed company lost 13.91%. The stock has rebounded 3.30% so far in 2017.
According to the US manufacturer, self-driving prototypes are to be tested in a number of pilot programs in cooperation with Lyft as well as with Domino’s Pizza Inc.
Alan Hall, a spokesperson for Ford, explained that the company was moving production of a future electric vehicle to its facility in Cuatitlan, Mexico, in order to ensure a larger capacity at its factory in Flat Rock, Michigan, where production of the self-driving vehicles would begin in 2021. The latter are to utilize a hybrid system with a gasoline engine as well an electric motor.
According to a report by Reuters, Ford also intends to increase investment in its Flat Rock facility from $700 million to $900 million and to hire additional 850 workers.
Meanwhile, production of Fords electric vehicles is expected to begin in 2020 at the plant in Cuatitlan. These vehicles will be equipped with an enhanced battery system that will ensure a driving range of over 300 miles.
According to CNN Money, the 24 analysts, offering 12-month forecasts regarding Ford Motor Company’s stock price, have a median target of $13.00, with a high estimate of $17.00 and a low estimate of $9.50. The median estimate is a 3.75% surge compared to the closing price of $12.53 on December 7th.
The same media also reported that 18 out of 27 surveyed investment analysts had rated Ford Motor Company’s stock as “Hold”, while 5 – 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 – $12.554
R2 – $12.578
R3 (Range Resistance – Sell) – $12.602
R4 (Long Breakout) – $12.673
R5 (Breakout Target 1) – $12.757
R6 (Breakout Target 2) – $12.794
S1 – $12.506
S2 – $12.482
S3 (Range Support – Buy) – $12.459
S4 (Short Breakout) – $12.387
S5 (Breakout Target 1) – $12.303
S6 (Breakout Target 2) – $12.266
By using the traditional method of calculation, the weekly levels of importance for Ford Motor Company (F) are presented as follows:
Central Pivot Point – $12.447
R1 – $12.833
R2 – $13.087
R3 – $13.473
R4 – $13.860
S1 – $12.193
S2 – $11.807
S3 – $11.553
S4 – $11.300