Ford Motor Company (F) said on Wednesday that it planned to introduce over 30 new vehicle models in China over the upcoming three years, more than a third of which would be electric vehicles.
Fords earlier plan had envisaged the launch of 50 new or significantly redesigned vehicles on the Chinese market, beginning in 2018 and through 2025.
Ford shares closed higher for a fifth consecutive trading session in New York on Wednesday. The stock went up 1.33% ($0.12) to $9.13, after touching an intraday high at $9.27, or a price level not seen since December 4th ($9.60).
Shares of Ford Motor Company have risen 19.35% so far in 2019 compared with a 14.62% gain for the benchmark index, S&P 500 (SPX).
In 2018, Ford Motor Co’s stock plummeted 38.75%, thus, it underperformed the S&P 500, which registered a 6.24% loss.
Total vehicle sales in China, Fords second largest market worldwide, shrank 37% last year and another 6% in 2017, which the US company attributed mostly to a lack of new products.
Anning Chen, who heads Fords operations in China, told a small group of reporters that the company intended to improve relationships with its local joint-venture partners as well as to hire and promote more Chinese nationals and global talents with Chinese expertise in its management teams.
According to Chen, the new initiatives are expected to make it possible for the US auto manufacturer to “gain the momentum to break through” in the local market.
According to CNN Money, the 18 analysts, offering 12-month forecasts regarding Ford Motor Company’s stock price, have a median target of $9.25, with a high estimate of $12.00 and a low estimate of $6.00. The median estimate represents a 1.31% upside compared to the closing price of $9.13 on April 3rd.
The same media also reported that 15 out of 22 surveyed investment analysts had rated Ford Motor Company’s stock as “Hold”, while 5 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Ford Motor Company (F) are presented as follows:
Central Pivot Point – $8.71
R1 – $8.96
R2 – $9.13
R3 – $9.38
R4 – $9.62
S1 – $8.54
S2 – $8.29
S3 – $8.12
S4 – $7.94