F - Ford Stock up as Teams With Hyundai to Explore Indonesia for Nickel Supplies
Ford stock was trading at $12.81 as of 02:42 PM EDT.
According to Reuters, Ford Motor Company ( NYSE:F ) and Hyundai ( OTCPK:HYMLF ) are in advanced talks with Indonesian officials about establishing businesses connected to electric vehicles in the country.
Ford ( NYSE:F ) and partners Vale Indonesia and China’s Zhejiang Huayou Cobalt signed a non-binding agreement of understanding earlier this year to construct a nickel factory in Indonesia. According to Indonesia’s Coordinating Minister for Economic Affairs, Airlangga Hartarto, the country has the raw resources needed to develop EV battery technology that would boost the American auto sector.
General Motors Company (NYSE:GM) said earlier in October that it wants to buy nickel and cobalt to use in electric cars. To help secure the necessary metals, the automaker announced an investment of up to $69 million and a stake in Queensland Pacific Metals. Importantly, GM says that the investment will make it easier for electric cars to get incentives under the new rules for U.S. tax credits.
Ford stock forecasted
Despite not being the largest of the three, Ford’s stock price increase may also be the one with the most logical justification. GM, a competitor of Ford, easily exceeded expectations in its Q3 earnings announcement this morning, earning $2.25 per share, while Wall Street was only expecting to see $1.88. GM?...
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