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.
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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