Ford Motor Co. (F) – Get the report shares peaked in more than two years on Thursday after TheStreet founder Jim Cramer highlighted investment in electric vehicles driven by President Joe Biden’s new administration.
Cramer told CNBC’s Mad Money program last night that Biden’s clean energy approach will accelerate changes in the automotive industry that are already underway, a topic also highlighted by Deutsche Bank’s Emmanuel Rosner, who went raising its target price on Ford to $ 2 to $ 11 per share, shortly after adding it to the bank’s “Buy by Conviction” list, ahead of the vehicle maker’s fourth-quarter earnings on Feb. 3.
“Be prepared for stricter environmental regulations that push people into electronic vehicles … and I’m increasingly attracted to Ford, because they’re electrifying the F-150 and have a good investment in Rivian, the developer of electric trucks,” said Cramer said. “General Motors (GM) – Get the report it also works and both are cheap “.
Shares of Ford rose 7.3% more early in trading on Thursday, to change hands at $ 11.66 each, the highest in more than two years and a measure that extends its six-month gain around of 75%. GM shares were also moving, up 1.11% to indicate a new ten-year high of $ 56.97 each.
Democratic control of the Senate after the second election in Georgia has supported the broader electric vehicle sector, as well as the appointment of former Michigan Gov. Jennifer Granholm as Secretary of Energy by President Biden in late ‘last year.
Biden is committed to building 550,000 electric vehicle charging stations while creating one million new jobs through investment in clean energy research.
Granholm, who has close ties to the auto industry after her two terms as governor, will need Senate confirmation to take office and work alongside Transport Secretary Pete Buttigieg.