Ford’s (F) commercial vehicle department, Ford Pro, has announced plans to simplify the transition for its commercial EV customers by providing a one-stop shop for fleet operations and investments in key areas of the business.
The company has made charging easier by providing a wide range of charging hardware, i.e., from home chargers to large-scale depot charging systems. These charging systems are backed with integrated installation, software and service.
Further, Ford Pro is helping clients by providing charging solutions from the start to finish, through a full-service team of experts with decades of experience in commercial project development and installations.
Beyond charging, Ford Pro is also providing solutions for fleet managers to better track their fleets, along with software for smart charging, pre-conditioning, remote monitoring and reimbursement management for home charging. Also, at times when power grids go down or infrastructure is under construction, Ford Pro Charging will allow the users to connect with a large network of suppliers for mobile charging solutions.
Also, Ford’s latest investment on this front includes the launch of six new home and depot chargers.
The CEO of Ford Pro, Ted Cannis, said, “We are investing heavily in products and services to help commercial customers accelerate into an electric future, which means helping to ensure our hardware and software can plug and play with other manufacturers, as we know many customers operate mixed-make fleets. These chargers can be completely customized to unique commercial environments and can work even better when paired together with Ford Pro electric vehicles and Telematics to enable OEM-grade data transparency.”
Consensus View
Last week, Credit Suisse analyst Dan Levy reiterated a Buy rating on Ford with a price target of $25, implying 56% upside potential from current levels.
Levy said, “While there are a number of challenges that must be addressed in this transition, we believe it is a key positive for Ford – not only do we expect the reorg to accelerate Ford’s transition to an EV world, but with this corporate structure investors will have better transparency on Ford’s transition to EVs, and could better reward Ford.”
The stock has a Moderate Buy consensus rating based on 8 Buys, 6 Holds, and 2 Sells. The Ford stock prediction of $23.13 implies 44.3% upside potential to current levels.
Hedge Fund Trading Activity
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Ford is currently Very Negative, as the cumulative change in holdings across all 15 hedge funds that were active in the last quarter was a decrease of 21.9 million shares.
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