Further, the joint venture dubbed 505-50 BlueOval SK LLC, between Ford and SK will be stationed in Georgia, where an SK facility is located; there are plans to eventually move it to Stanton Tennessee. This investment will consist of $7.8 billion for three plants, one in Tennessee and two in Kentucky. The combined capacity of these plants should equate to 129 gigawatt-hours, once completed, with a planned mass production date in 2025. In addition, SK and Ford are working on building a plant near Ankara, Turkey, cooperating with Koc Holding an Istanbul-based company.
F chart and analysis
Moreover, investors seem to have given the company credit for its ambitions to become a leader in the EV space as the shares gained 136% in 2021. However, in 2022, the shares are down 47% year-to-date (YTD) as the focus is seemingly shifting to near-term results. Analyzing the trend lines, a possible support zone could be seen in the range between $11.05 and $11.37. On the other hand, a resistance zone may be identified between $11.44 and $11.63. This tight trading range is seemingly justified by the reduced trading volumes. In addition, analysts rate the shares a moderate buy, with the next 12 months’ average price prediction at $17.29, 51.80% higher than the current trading price of $11.39. Fears of a recession, coupled with inflation and rising interest rates, have hit the investing sentiment when it comes to auto stocks, as most of them lost over 30% on average in 2022. Despite the near-term volatility the stock price could experience, the fact that Ford is expanding its capacity to better compete in the EV field could bode well for the stock and its shareholders in the future. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
