Ford Motor Co (F) said last week that it had initiated construction of BlueOval City, the largest and most advanced auto production complex in its 119-year history.
The facility will build a revolutionary all-new electric truck and advanced batteries for future Ford and Lincoln vehicles in West Tennessee, the company said.
The nearly 6-square-mile, $5.6 billion mega campus is expected to create about 6,000 new jobs, when production commences in 2025.
“We are building the future right here in West Tennessee,” Eric Grubb, Ford’s director of new footprint construction, said in a press release.
“This facility is the blueprint for Ford’s future manufacturing facilities and will enable Ford to help lead America’s shift to electric vehicles.”
“Ford’s historic investment in West Tennessee is a testament to our state’s strong business climate and unmatched workforce,” Governor Bill Lee said.
“BlueOval City will have a transformational impact on Tennesseans and our economy, and we’re proud this global company will call Haywood County home.”
Ford Motor Co’s shares closed lower for a fourth consecutive trading session in New York on Friday. The stock went down 3.60% ($0.46) to $12.31, after touching an intraday low at $11.95. The latter has been a price level not seen since July 18th ($11.90).
The shares of Ford Motor Company have retreated 40.73% so far in 2022 compared with a 22.51% loss for the benchmark index, S&P 500 (SPX).
In 2021, Ford Motor Co’s stock went up 136.29%, thus, it outperformed the S&P 500, which registered a 26.89% gain.
Analyst stock price forecast and recommendation
According to TipRanks, at least 9 out of 14 surveyed investment analysts had rated Ford Motor Company’s stock as “Hold”, while 4 – as “Buy”. The median price target on the stock stands at $15.96.
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