Ford’s Shares Close Above $20 for the First Time in 20 Years
Ford’s Shares Close Above $20 for the First Time in 20 Years
(Bloomberg) -- Ford Motor Co. closed above the $20 mark for the first time in two decades, with a push toward electric vehicles and deft navigation of the semiconductor supply shortage helping to boost the automaker’s stock to new highs.
The stock closed up 4.46% at $20.15 on Monday, taking its gains this year to nearly 130%. That dwarfs even Tesla Inc’s 65% rally.
Ford shares have been on a tear since Jim Farley became chief executive officer on Oct. 1 last year, up more than 200% as he accelerated Ford’s move to electric vehicles and launched well-received new models like the battery-powered Mustang Mach-E, the revived Bronco sport utility vehicle and the Maverick small pickup.
The automaker already has more than 160,000 non-binding reservations for the F-150 Lightning electric pickup and has doubled factory capacity to build the model, which doesn’t go on sale until next spring. Under Farley’s two predecessors, Mark Fields, now CEO of Hertz Global Holdings Inc., and Jim Hackett, Ford shares fell 61%.
Earlier on Monday, the Dearborn, Michigan-based company was reported to be selling $2.5 billion of bonds whose proceeds are aimed at benefiting the environment, the automaker’s first such transaction.
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