U.S. automobile major, Ford Motor Co. (NYSE: F) has signed an investment agreement with PT Vale Indonesia and China’s Zhejiang Huayou Cobalt to build a nickel processing plant in Indonesia’s Southeast Sulawesi worth $4.5 billion.
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This is Ford’s first investment in Southeast Asia as the company is betting big on EVs. It aims to manufacture half a million EV trucks yearly at its Tennessee unit. Moreover, the company has separated the EV vertical into a separate unit and expects it to become profitable pre-tax by the end of 2026. Finally, Ford aims to reach 2 million EV units annually by 2026.
Analysts remain sidelined about Ford stock with a Hold consensus rating based on four Buys, seven Holds, and three Sells.