Shares of Ford surged one other roughly 10% to greater than $24 on the second buying and selling day of the yr. They hit a contemporary 52-week excessive — constructing on Monday’s almost 5% leap, which adopted final yr’s 136% improve.
“The sky is the restrict for Ford this yr. It’ll be terrific,” Cramer stated on “Squawk Box.”
Ford was left for useless on Wall Road earlier than the Covid-19 outbreak, hitting a pandemic low round $4 a share in March 2020. However the automaker bought a brand new CEO in Jim Farley on Oct. 1, 2020 — since then, the inventory has greater than tripled.
Cramer’s newest optimism round Ford got here because the automaker announced plans to almost double annual manufacturing capability of its upcoming electrical F-150 pickup to 150,000 automobiles per yr by mid-2023. The “Mad Money” host stated he believes Ford can do 200,000 battery-powered automobiles this yr.
“I have been a giant backer of Ford as a part of the charitable trust. Farley has finished a outstanding job. He is forward of Musk in terms of the pick-up truck,” Cramer stated, referring to Elon Musk’s Tesla, which has repeatedly pushed again manufacturing of its deliberate Cybertruck. It now seems to be prefer it will not begin till 2023.
Ford additionally stated Tuesday it restarted reservations for the F-150 Lightning after Farley told Cramer during last month’s “CNBC Investing Club” special that reservations needed to be paused because of excessive demand.
In a November interview in Automotive Information, Farley stated Ford plans to extend EV manufacturing capability to 600,000 items globally by 2023.
Cramer stated Tuesday the Ford Mustang Mach-E SUV “does make some huge cash.” He added that Farley “does not prefer to make issues that do not generate profits.”
Final month, Ford stated it expects to triple the output of the Mach-E to over 200,000 items per yr by 2023.
However Ford has an extended technique to go to attain these lofty Mach-E and F-150 Lightning targets. For all of final yr by November, Ford sold just 24,791 Mach-Es.
By contrast, Tesla delivered a report 936,172 electrical automobiles final yr. That is an 87% improve versus 2020, when the EV-maker reported its first annual revenue on deliveries of 499,647.
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