Cramer Says Ford Hired Former Apple CEO “To Defeat Tesla Musk”

Ford engine (F) – Get the report from Ford Motor Company hired the old Apple (AAPL) – Get the Apple Inc. (AAPL) report executive Doug Field, who was the head of the computer giant’s automotive project, as director of advanced technology and embedded systems.

“Doug is one of the world’s most respected engineering and product design leaders and has been a driving force behind groundbreaking products in automotive, technology and mobility, including at Apple, Tesla and Segway, ”said Jim Farley, President and CEO of Ford.

Field’s appointment is effective Tuesday, the company said in a statement, and he will report to Farley. Field returned to Ford after starting his career as a development engineer from 1987 to 1993. He had come to Apple from Tesla and was a key player on the Project Titan team, as vice president of the special projects team.

“Field may have been frustrated with Apple, but it’s a reaction to Musk’s loss,” Jim Cramer said.

“Jim Farley is the first guy to openly declare war on [Elon] Musk says he’s going to “bury” her. Farley has one particular attribute that people forget … America’s best-selling truck is Ford’s F-150 and it’s going to be electrified. The whole fleet will be electric if it can get the battery capacity to install there. Field will help imagine new trucks. “

Cramer added that he believed Musk’s step back on the Tesla pickup until mid-2022 was the start of a difficult saga. “The F-150 is Ford’s foundation and they will do anything, including electrify it, to make sure they have the crown,” he said.

Tesla has pushed back delivery dates for its cybertruck as Ford doubles production of the F-150. “This could be a potential market share opportunity for Ford,” Cramer said.

“Chip shortages could move into second quarter 2022, preventing Ford from having a million more [in production]. I believe in Ford very much and I think people watching should subscribe to Action Alerts Plus because if they did, they would know that this is a very important position for us, ”he added.

Many other major automakers are still concerned about the global semiconductor shortage that has hampered their production. Volkswagen (VWAGY) Managing Director Herbert Diess, Daimler (DMLRY) Chief executive Ola Kallenius and Gunnar Hermann, chairman of the board of directors of Ford of Europe, told CNBC that it is difficult to predict when the problem will end.

Volkswagen, Europe’s largest automaker, has given up market share in China due to the shortage, Diess said. “We are relatively weak due to semiconductor shortages,” he said. “We are more affected in China than in the rest of the world. This is why we are losing market share.

Intelligence (INTC) – Get the Intel Corporation (INTC) report CEO Pat Gelsinger said on Tuesday that the semiconductor mainstay plans to build new chip manufacturing plants in Europe, investing up to $ 95 billion. The executive discussed the investment at an auto industry conference in Munich, according to the Wall Street Journal. The plan is part of a longer-term effort to tackle the global chip shortage.

Intel intends to build two new chip facilities in Europe and could expand from there, bringing total spending to 80 billion euros, or $ 95 billion, Gelsinger said, according to the Journal.

Here is a list of electric vehicle stocks to watch out for:

Tesla’s August sales in China increased nearly 50%

You’re here (TSLA) – Get the Tesla Inc report shares rose after the clean-energy automaker had its strongest sales in China in more than a year. The China Passenger Car Association (CPCA) said Tesla sold 44,264 cars made in China in August, including 31,379 destined for export to international markets. China-based sales, the CPCA said, totaled 12,885, up 49.5% from the previous month, even as overall sales in the world’s largest auto market fell 15% from the previous month. at the same time last year.

The sales surge follows a Bloomberg report last week that suggested Tesla’s Shanghai gigafactory faced four days of shutdown in August due to the global semiconductor shortage that largely affected the Model SUV. Y from the automaker.

“I think Tesla had good numbers,” Jim Cramer said.

TheStreet Quant Ratings classifies Tesla as Hold’em with a rating of C.

Ford restructuring operations in India

Ford restructures its operations in India to limit losses, ending auto production there and cutting 4,000 workers. The company plans to “significantly expand its Chennai-based Ford Business Solutions team and bring to market” some of its global vehicles and electrified SUVs, he said.

Ford will end vehicle assembly in Sanand by the fourth quarter and vehicle and engine manufacturing in Chennai by the second quarter of 2022. The automaker has incurred operating losses of more than $ 2 billion over the past 10 years and a non-operating entry of $ 800 million. declining assets in 2019, he said. “The restructuring should create a sustainable profitable business in India.”

TheStreet Quant Ratings classifies Ford as Hold’em with a rating of B-.

GM extends plant shutdown due to chip shortage

General Motors (DG) – Get the report from General Motors Company (GM) Shares collapsed after the automaker extended downtime at several North American factories amid the current shortage of global semiconductor supplies and the recall of its Chevy Bolt battery. The automaker said factories in Orion, Michigan would add two more weeks of downtime until September 27 due to a “paste-pack shortage” linked to the recall. Plants in Lansing, Michigan and Wentzville, Ohio will also add another week of downtime. , as does the automaker’s assembly plant in Ramos, Mexico.

The expansion comes after the recall of nearly 141,000 Chevrolet Bolt electric vehicles, which are produced at the plant. The recall was the result of a battery fault that put the cars at risk of fire. The recall came after 10 battery fires. Detroit-based GM has said it will not restart manufacturing or sales of Bolt until it is sure it has resolved the fire hazard issue. GM is working with its battery maker LG Chem on the issue.

TheStreet Quant Ratings classifies GM as a purchase with a B rating.

Nio offers $ 2 billion in shares

Nio (NIO) – Get a Class A ADR report sponsored by NIO Inc. said on Tuesday it will offer $ 2 billion of its US custodian shares through a market offering of shares. Unlike an IPO, in which all shares are sold at a single price, a market offer allows a company to sell shares as needed at the then prevailing market price. The Shanghai-based electric vehicle maker said the proceeds from the sale would be used to bolster its balance sheet and for general corporate purposes.

Earlier this month, NIO shares were hit after the company lowered its delivery estimates, blaming ongoing semiconductor chip shortages that have plagued much of the auto industry this year. NIO delivered 5,880 vehicles in August, representing 48% year-over-year growth.

TheStreet Quant Ratings classifies NIO as a sale with a rating of D.

Lordstown Motors appoints new CEO

Lordstown Motors actions (STROLL) – Get the report from LORDSTOWN MOTORS CORP. rose the most in 10 months last week after the electric car maker appointed former Icahn Enterprises boss Daniel Ninivaggi as new CEO. Ninivaggi succeeds Steve Burns, who, along with CFO Julio Rodriguez, resigned in early July.

The electric vehicle maker showcased its Endurance pickup truck at the Northeastern Chapter of the American Association of Airport Executives annual conference. Lordstown drew cautious comments from analysts after the company said it was ready to start “limited production” of its electric pickup in September. The company, which also reported a second-quarter loss, said it would begin limited production of its Endurance pickup in late September.

TheStreet Quant Ratings has no rating for Lordstown Motors.

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