Ford Motor Company (NYSE: F) stock surged during intraday trading Friday potentially driven by positive week-long announcements.
On Thursday, the Biden-Harris administration announced nearly $2 billion in funding to support the transformation of 11 dormant or at-risk auto manufacturing facilities across eight states into electric vehicle (EV) manufacturing sites. This move aims to revitalize the U.S. auto industry, foster the creation of thousands of high-paying union jobs, and solidify America’s role in EV manufacturing.
In tandem with this federal initiative, Ford Motor has launched new financing offers as part of its Summer Sales Event. Notably, Ford is offering a 0% financing option for its popular Mach-E and F-150 Lightning electric vehicles. This competitive move follows a similar financing offer from Tesla Inc. (NASDAQ: TSLA) and will boost Ford’s EV sales.
Additionally, Ford Motor announced the appointment of Adriana Cisneros to its board of directors, effective immediately. This appointment expands the board to 15 directors. Adriana Cisneros, who has transformed the family-owned Cisneros Group into a global force in digital advertising, media, entertainment, and real estate, will serve on Ford’s Nominating and Governance and Sustainability, Innovation, and Policy committees.
Moreover, Ford Motor Company has scheduled its second-quarter 2024 earnings conference call for Wednesday, July 24. During the call, CEO Jim Farley, CFO John Lawler, and senior management will discuss financial results and provide updates on the Ford+ growth plan and value creation.
Ford Motor (NYSE: F) Stock Price Action
F stock jumped 4.16% on Friday, closing at $14.03, marking a 9.27% increase for the week. The trading volume was 85,411,663 shares, significantly higher than the average daily volume of 48 million.
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