For the last couple of years now, issues with the supply chain have impacted businesses all up and down the spectrum. Ford (NYSE:F) was no different. However, things are finally easing up, and normalcy is once again reasserting itself.
Production is up, and so too, surprisingly enough, are sales. Ford reported that February sales were up 20% year-over-year. That word comes just as Ford is stepping up production on its F-series pickup line, including the F-150 Lightning. The F-150 Lightning already fell prey to a set of production halts, mostly due to issues with suppliers. Yet despite this, sales of Ford’s electric vehicles are on the rise, with an 88% jump against the same time last year. That only goes so far, however; electric vehicles are only 2.9% of Ford’s total sales right now.
Further, Ford is taking measures to protect its sales as well. Ford recently applied for a patent that would allow it to essentially repossess cars remotely. The patent is only pending right now, but the technology would allow Ford to install a system that would effectively aid in the car’s own repossession. A range of potential methods could apply; the car may lock itself up on weekends and be unusable then so that car owners could still drive to work. Alternatively, the car may subject itself to range limitations or even drive itself to a junkyard or a repo lot.
Overall, analyst consensus calls Ford stock a Hold with an average price target of $13.67 per share, which implies 10.64% upside potential.
