Ford’s stock (NYSE: F) has been on a constant rise as of late, regardless of intermittent dips that we’ve witnessed throughout the year. Ford entered early Friday trading with a stock price of $15.26 – extending previous gains by a further 2.5%.
Although it may not prove shocking that such a giant in the motoring world is continuing to grow; there are a few specifics that have given the stock a leg-up recently. Firstly, Ford has been one of the latest companies to jump on the inevitable electric vehicle bandwagon.
Following news last week, the motoring group will be investing $11.4 billion in EV plants – including the construction of its biggest factory yet in Tennessee and a further two battery parks in Kentucky. In the same time frame, Ford also announced that based on findings from their September sales report – EV offerings are gaining more traction than the entire Ford portfolio, spearheading the company’s shift towards an electric future.
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It also seems that the market is reacting well to Ford’s recent impact on the cycling world – with its new derailleur deemed “revolutionary”. Ford has its eyes set on the future, with innovation being the stock’s main market driver – the company’s backing of EV manufacturer Rivian also demonstrates the visionary approach that investors normally react kindly to.
Currently, the Ford stock price has gained 3.5% in early Friday trading, approaching annual highs of $16.00.
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