Automobile giant Ford Motor Co.’s (NYSE: F) UK Chair Lisa Branklin expressed concern over the UK potentially relaxing its current target to ban new petrol and diesel car sales by 2030. British Prime Minister Rishi Sunak stated on Tuesday that while his Government remained committed to achieving a net zero emissions target by 2050, he intends to achieve it in a “better, more proportionate way.”
A BBC report suggested that the UK is considering pushing back its deadline to phase out non-electric vehicles to 2035, which Ford views as a mistake that could jeopardize the transition to electric vehicles (EVs).
Brankin emphasized that the 2030 target is crucial for Ford’s plans to embrace a cleaner future. The company has already invested £430 million in UK facilities and has further investments aligned with the 2030 timeline. Branklin stated that Ford needs “three things from the U.K. government: ambition, commitment and consistency.”
Meanwhile, in another development, amid the UAW strikes in the U.S., Ford has struck a tentative deal with the Canadian labor union Unifor, potentially averting the looming threat of a second strike.
Is Ford Stock a Buy Hold or Sell?
Analysts remain cautiously optimistic about Ford stock with a Moderate Buy consensus rating based on seven Buys, eight Holds, and one Sell.