Ford (F) to Build Electric Truck 'Project T3' at BlueOval
Ford Motor’s F EV and battery manufacturing campus in BlueOval, West Tennessee, is all set to start production of EVs in 2025. The American automaker has announced plans to manufacture its next-generation electric truck, code-named Project T3, on campus. At its full production capacity, the campus will produce 500,000 EV trucks per year.
“Project T3 is a once-in-a-lifetime opportunity to revolutionize America’s truck. We are melding 100 years of Ford truck know-how with world-class electric vehicle, software and aerodynamics talent. It will be a platform for endless innovation and capability,” said Jim Farley, CEO of Ford, in a release.
Ford and South Korean battery supplier SK On are investing $5.6 billion in the campus, which will be Ford’s first carbon-neutral vehicle manufacturing facility. The new production facility will have a 30% smaller general assembly footprint than its existing counterparts while maintaining higher production capacity. The BlueOval plant is Ford’s important step toward scaling its EV production and making them accessible to customers. By late 2026, Ford plans to produce 2 million EVs per year, which aligns with the company’s target of achieving an 8% EBIT margin for Model e EV business.
With F-150 Lightning, Ford has outperformed customers’ expectations by delivering a quality driving experience and exceptional productivity. Now, with Project T3, Ford wants to build on the success of its current EV line-up. Ford plans to deliver trucks that are fully updatable and support hauling, towing and exportable power.
Ford recently offered a glimpse of the results of its EV business unit. The company expects its Model e EV segment’s pre-tax loss to widen by $3 billion compared with $2.1 billion incurred last year.
Zacks Rank & Key Picks
F currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A few top-ranked players in the auto space are Geely Automobile GELYY, Modine Manufacturing MOD and Wabash National WNC, all of which sport a Zacks Rank #1.
Geely is engaged in automobile manufacturing and related areas. The Zacks Consensus Estimate for GELYY’s 2023 sales and earnings implies year-over-year growth of 57.54% and 7.38%, respectively.
Modine operates primarily in a single industry consisting of the manufacture and sale of heat transfer equipment. The Zacks Consensus Estimate for MOD’s 2023 sales and earnings implies year-over-year growth of 11.43% and 43.09%, respectively.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings implies year-over-year growth of 13.06% and 28.89%, respectively.
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Ford Motor Company (F) : Free Stock Analysis Report
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