Ford’s electric future looks bright

Ford Motor Co (F) is reportedly preparing for a new round of job cuts just as the automaker secured a large loan from the U.S. government to make batteries — two developments that will accelerate the club’s holding company’s move to electric vehicles. The efforts of top companies in the automotive field. vehicle market. Ford is preparing for another round of layoffs in the coming weeks as Chief Executive Jim Farley continues to rein in costs, The Wall Street Journal reported Thursday. The layoffs are expected to target salaried workers in Ford’s gas engine, electric vehicle and software divisions, the Journal reported, citing people familiar with the matter. Last August, Ford cut 3,000 jobs. Meanwhile, the U.S. Department of Energy announced on Thursday that it plans to provide a record $9.2 billion loan to Blue Oval SK, a joint venture between Ford and South Korean battery maker SK On, to fund the development of three new battery manufacturing plants. The unprecedented low-interest loan will boost U.S. battery production to more than 120 gigawatt hours, helping Ford ramp up production of electric vehicles. Despite the positive developments, Ford shares fell more than 1 percent on Friday, around $14 a share. “It was a mistake. I feel strongly that Ford is a very good stock,” said Jim Cramer. The stock has risen more than 20% since the beginning of the year, and Farley is proving to investors that he was the first Time turned the tables. Still, news of the potential layoffs comes after Farley told Jim Ford this week that it still needs to reduce costs at its electric vehicle division. The company estimates that its electric vehicles cost about $7 billion more than competitors. Ford’s goal is to produce and sell 2 million electric vehicles by 2026. F 1M Mountain Ford stock month-to-date performance. What the club thinks We’re pleased to see that Ford is on the right track to achieve its electric vehicle goals while improving profitability. The automaker had a tough time making an initial foray into electric vehicles, but Farley’s companies are taking decisive steps toward an electrified future and becoming major global players. We’re impressed that Ford is streamlining its internal combustion engine business, and unfortunately, it’s letting some people go at the expense of cars. The reported decision shows the company’s focus on efficiency and cost reductions as it switches from gas engines to electric vehicles. Historic loans from the government will help further accelerate this shift, with demand for Ford EVs expected to be high in the U.S. (Jim Cramer’s charitable trust is long F. See here for full coverage of the stock list.) Jim Cramer of CNBC’s Investment Club, you’ll get trade alerts before Jim makes them. Jim waits 45 minutes after a trade alert is sent before buying or selling stock in his charitable trust portfolio. If Jim talks about a stock on CNBC TV, he waits 72 hours after sending out a trade alert before executing the trade. The investment club information above is subject to our terms and conditions and privacy policy and our disclaimer. No fiduciary duty or obligation exists or arises upon your receipt of any information in connection with Investment Club. No specific results or profits guaranteed.

Ford Motor Company CEO Jim Farley gives the thumbs up during a press conference in Romulus, Mich., before announcing that Ford will partner with China’s Amperex Technology for construction in Marshall, Mich. An all-electric car battery factory 13th 2023.

Rebecca Cook | Reuters

Ford (F) is reportedly preparing for a new round of job cuts just as the automaker secured a large loan from the U.S. government to make batteries — two developments that will accelerate Club Holdings’ emergence as a top player in the EV market. the efforts of those who

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