After spending a considerable amount of time in the bargain bin, Ford stock once again became the apple of Wall Street’s proverbial eye early last year. Ford stock began to surge as CEO Jim Farley’s commitment to electric vehicles won over investors, and outlooks continued to improve as the year went by. Ford shares reached a 20-year high of $19.72 back in November, and have grown even more in the ensuing weeks, a surge that took FoMoCo’s market cap to a place it hasn’t been in five years – higher than the automaker’s chief cross-town rival, General Motors. With the dawn of the new year, Ford’s stock resurgence has only gotten stronger, too.
FoMoCo’s stock was trading at $21.77 when the markets closed yesterday, January 3rd, the very first day of trading in 2022. That’s a whopping 156 percent more than January 4th, 2021, the first day of trading last year, when the stock finished the day at a mere $8.52., and a full dollar higher than the $20.77 closing price from the last day of December. That one-year jump is truly remarkable, particularly for a stock that most investors have avoided for years prior to the automaker’s big turnaround over the course of the last several months.
Since Farley took over the top spot at Ford in October of 2020, Ford has made massive investments in both electric vehicles and battery production, committed to profitable subscription services as a way to generate recurring revenue for the automaker, and launched a host of desirable new vehicles including the Ford Mustang Mach-E, Ford Bronco Sport, and Ford Bronco, to name a few. Recently, Ford revealed that it has doubled its planned yearly EV production from 300,000 units per year to 600,000 as well.
Additionally, Ford recently announced plans to double production of the Mustang Mach-E amid strong demand, and will also do the same with the forthcoming 2022 Ford F-150 Lightning as 200,000 customers lined up to reserve one over the last few months. The first wave of Lightning orders will open up this week, while the all-electric pickup’s build and price configurator is also live.