Credit: Shutterstock photoPer Reuters, Ford Motor CompanyF has created a team in order to advance development of electric vehicles. Mission of the newly formed team i.e. Team Edison will be to think and make faster decisions related to the technology of electric vehicles.
Aim of this new corporate team is to recognize and build electric-vehicle partnerships with companies that also include suppliers in few markets.
Ford believes that the demand for electric vehicles has a potential to rise, driven by mandates and quotas issued by governments.
Many countries namely China, India, France and the United Kingdom have already proposed their plans to discontinue combustion engine vehicles between 2030 and 2040.
Ford Motor Company Price and Consensus
Ford Motor Company Price and Consensus | Ford Motor Company Quote
Notably, Detroit-based Team Edison will work with the company's regional electrification teams in China and Europe.
This new team formation is in line with Ford's previous plan to invest $4.5 billion over five years' span on electric vehicles announced in January. Further, the company intends to launch 13 new electrics and hybrids in next five years, including an electric SUV to be unveiled in 2020.
In September, the company has agreed to collaborate with Mahindra Group in India to explore their combined strengths in various fields like electric vehicles (read more: Ford Partners Mahindra to Power Electric Vehicles in India ).
Also, to increase presence in the world's largest automobile market of China, Ford is inking a joint-venture deal with Anhui Zotye Automobile Co. The combined entity will fashion a new electric-car brand for the country.
In Europe, Ford is also partnering with BMW AG BAMXF , Daimler AG DDAIF and Volkswagen AG VLKAY (including Audi and Porsche) in order to set up electric charging network based on Combined Charging System standard technology. Within 2020, these companies target to build a network of more than thousand charging points.
Price Performance
Ford's shares have gained 8.6% over the last month, outperforming the 6.7% increase of the industry it belongs to.
Zacks Rank
Ford currently carries a Zacks Rank #3 (Hold).
BMW sports a Zacks Rank #1 (Strong Buy), whereas both Daimler and Volkswagen carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here .
BMW has a long-term growth rate of 4.2%.
Daimler has a long-term growth rate of 2.8%.
Volkswagen has an expected long-term earnings growth rate of 8.9%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
