TECH - Wall Street Analysts Identify Two Key Strategies For Ford To Excel Amid Challenging 2024 Auto Industry | Benzinga
Despite the challenges in the auto industry, Ford Motor Company (NYSE:F) is poised to shine in 2024 by focusing on profitable hybrids and quality improvement.
What Happened: With softening demand for electric vehicles (EVs), Ford’s CEO Jim Farley is steering the company toward more lucrative hybrids, reducing investments in less profitable EVs. The company’s hybrid sales showed a strong performance, growing 55.5% in Q4 2023, while EV sales rose only 27.5%, reported CNBC.
Jim Cramer, a prominent market commentator with a bullish outlook on Ford’s hybrid business, suggests that the management should allocate more resources to enhance the company’s “incredible hybrid business” to increase profits.
Despite the diminishing demand for electric vehicles, Ford’s hybrid sales for the fourth quarter and the year grew by 55.5% and 25.3%, respectively. The Maverick Hybrid and the F-150 Hybrid were the top performers, with sales increasing by 67% and 41%, respectively. To adjust to the market demand, Ford recently announced plans to halve the production of its all-electric Lightning.
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