While we know that legacy automaker Ford ($F) had to pare back its electric vehicle aspirations, we are starting to see the fallout from that move strike employees. Ford is cutting back work hours at a German electric vehicle plant, and the move is not sitting well with investors. Ford stock is down fractionally in Wednesday afternoon’s trading.
Ford’s electric vehicle plant in Cologne, Germany, is paring back its available work hours, noted a report from Teslarati. The cutback in hours is for the obvious reason, noted a Ford representative: demand for electric vehicles is “…significantly lower than expected…” and that “…requires a temporary adjustment of production volumes at the Cologne Electric Vehicle Center.”
Ford is using a furlough plan there, which is known as “short-time work.” Under such a setup, the workers do not specifically lose their jobs, but they are unpaid and in “financial distress.” Meanwhile, the government pays a portion of their salary. The report noted that the plan is expected to last for three weeks.
A Classic’s Exhibition
Meanwhile, out in Cleveland, the Crawford Auto Aviation Museum will be playing host to a special event. More specifically, the focus will be on the Mustang, which will be on display at the museum. It will open this weekend, notes Cleveland.com, and will run into May 2025.
The event, titled Wild Horses: 60 Years of Ford’s Mustang, celebrates 20 different examples of Mustang from its earliest days to the very latest Dark Horse incarnation with a Coyote V-8 engine. It will show how the Mustang has been part of pop culture since its inception and show off how the Mustang was also a force for peace. Indeed, the 1965 Mustang was a popular gift for foreign dignitaries visiting the United States in the 1960s.
Is Ford Stock a Good Buy Right Now?
Turning to Wall Street, analysts have a Hold consensus rating on F stock based on five Buys, 10 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 13.58% rally in its share price over the past year, the average F price target of $11.75 per share implies 6.09% upside potential.
