Legacy automaker Ford may be planning to head back to India to make a line of cars there for export, as per the chief minister in Tamil Nadu state. Despite exiting the country three years ago, discussions have reignited, hinting at a potential revival of Ford’s production line. This news injected a fresh jolt of optimism into Ford’s share prices during Wednesday’s trading session.
Back in 2021, Ford bid farewell to India after its efforts to amplify volumes fell short. With India ranking as the third largest car market globally, Ford’s departure signaled a challenging landscape where Asian automakers dominated, as highlighted in a Reuters report.
However, recent talks with Tamil Nadu officials reveal a possible resurgence as Ford seeks to rekindle its historic partnership with the state and resume manufacturing in Tamil Nadu for a global audience, as articulated by M.K. Stalin.
Keeping the Green Ambitions Alive
Amid these developments, Ford’s pursuit of electric vehicles remains unwavering. Recent reports indicate a collaboration between Ford and Southern California Edison to incentivize vehicle owners to leverage their cars for grid charging purposes.
The joint initiative entails a scheme where Ford electric vehicle owners stand to earn double the typical costs of swift vehicle recharging. The program, dubbed the Emergency Load Reduction Program, essentially enlists electric vehicles as auxiliary power sources for the broader grid, compensating owners generously at around $1 per kilowatt-hour, double the standard rate in certain areas.
Unlocking Ford’s Stock Potential
Turning to Wall Street, analysts maintain a Moderate Buy consensus on Ford stock, comprising five Buy ratings, nine Holds, and one Sell over the past quarter, corroborated by recent data. Despite a 10.59% dip in its share price over the last year, the average price target of $13.67 per share points towards a promising 31.89% upside potential.
