Amid slower-than-expected electric vehicle sales, automotive giant Ford (NYSE:F) is planning to double the production of its V-6 model, according to CNBC.
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The V-6 is a hybrid version of Ford’s F-150 pickup trucks, and the company expects to increase its sales to nearly 20% of its top line in the U.S. next year. Ford is also continuing to ramp up the production of electric vehicles and aims to quadruple the production of gas-electric hybrid models. It has roped in Lisa Materazzo as its Global Chief Marketing Officer to realize its EV ambitions.
The move to ramp up the production of the V-6 comes as the company is witnessing higher demand for its hybrid offerings that outstrips the company’s production capacity for the F-150. Furthermore, the company expects the complete F-150 hybrid lineup for the year 2024 to go on sale at a starting price of $35,570. In comparison, the F-150 pricing begins at $34,585 for the 2023 model year.
At the same time, major automakers, including Ford, are also staring at a potential strike from the United Auto Workers this week. The strike could possibly bring multiple auto factories to a grinding halt, and the companies need to reach deals with the union by the end of tomorrow to avoid a work stoppage.
Overall, the Street has a consensus price target of $15.62 for Ford, alongside a Moderate Buy consensus rating. This implies a 25.46% potential upside in the stock.
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