Investors in longtime car manufacturer Ford (NYSE:F) are raving after recent developments involving a new battery patent. Despite the uncertain fate of such patents, this one shines a glimmer of hope in the eyes of shareholders. The latest patent, focusing on electric vehicles and their batteries, fueled a nearly 2% spike in Ford’s shares during Wednesday’s trading session.
Registered as US 12115880 B2 and submitted in November 2021, the patent was only recently made public on October 15. It delves into “battery electric vehicle monitoring systems and methods for track usage and off-roading,” a topic that is capturing widespread interest.
Electric vehicles, especially when used for specialized purposes like off-roading, have faced challenges, chiefly due to the inadequacy of charging infrastructure. However, with Ford’s latest patent, users can now gauge their remaining track or off-road time before needing a recharge or seeking a charging station.
Conquering the Nurburgring
Meanwhile, Ford’s gas-powered vehicles are also hogging the limelight, with a recent report from Car & Driver highlighting the automaker’s teaser video of the Mustang GTD. This 815-horsepower V8 powerhouse promises the performance akin to a race car and was put to the test at the renowned Nurburgring racetrack in Germany. Ford aims to achieve a lap time of under seven minutes, a suspenseful clock is ticking until the official results are out in a few weeks. The teaser undoubtedly suggests that Ford has aces up its sleeve—why else would they tease without a tantalizing product?
Is Ford Stock a Promising Bet Now?
Shifting to the financial realm, analysts have bestowed a Moderate Buy consensus rating on F stock, with a tally of five Buys, nine Holds, and a lone Sell over the past three months. Despite a 1.65% dip in its share price over the previous year, the average price target for Ford stands at $12.68 per share, hinting at a 15.12% upside potential.
