Legacy automaker Ford (F) faced a decline of over 1.5% in Friday afternoon’s trading due to a dual revelation: reports of green initiatives resurfacing and the complete depletion of Transit Connect inventory in the United States.
In March 2023, Ford officially ceased production of the Transit Connect, a line of small vans in the North American market. As 2023 came to a close, it was announced that no further units would be manufactured for this region. Recent reports indicate that the backlog of Transit Connect vans in the U.S. has now been exhausted. With dwindling sales in the United States, there are no plans for a next-generation iteration of the Transit Connect.
For those still desiring a Transit Connect, attention has shifted to Europe, where a redesigned version has emerged.
Exploring Innovative Charging Solutions
Despite scaling back its environmental ambitions, Ford’s endeavors in this realm have not entirely fizzled out. A recently unveiled patent application showcases Ford’s efforts to tackle a significant challenge in electric vehicles: charging infrastructure.
The patent, submitted in August, outlines a groundbreaking concept that transforms roads into chargers by integrating an electric vehicle’s wireless inductive charging coils with specially installed charging elements on the road surface. This innovative approach aims to create a continuous charging infrastructure, replenishing a vehicle’s power while it is in motion. However, challenges exist, notably surrounding the efficiency of power transmission, which Ford’s patent seeks to address.
Assessing Ford’s Stock Potential
Analysts on Wall Street maintain a Moderate Buy consensus rating on Ford stock, with a distribution of five Buy ratings, eight Holds, and one Sell assigned over the past three months. Despite a 5.33% dip in share price over the last year, the average price target of $14 per share suggests a potential upside of 32.51%.
For more insights on analyst ratings for Ford, click here.
