Ford Motor Company ()F) – Get Report The shares rose to the highest in more than two years on Thursday after TheStreet’s founder, Jim Kramer, highlighted an electric vehicle investment push from President Joe Biden’s new administration.
Cramer told CNBC’s Mad Money program last night that Biden’s clean-energy focus will accelerate changes in the auto industry that are already underway, a topic also highlighted by Emmanuel Rosner of Deutsche Bank, which Ford Had raised its price target from $ 2 to $ 11 per. Share immediately after adding it to the bank’s ‘Conviction by’ list in front of Carmaker’s fourth quarter earnings on 3 February.
“Be prepared for more stringent environmental regulations that push people into electronic vehicles .. And I’m fast ready for Ford, as they are electrifying the F-150 and have a good investment in Rivian, the electric truck developer , “Said Crummer. “General Motors ()GM) – Get Report Works, and they are both cheap.
Ford shares were up 6.6% in mid-day trading on Thursday, changing hands at $ 11.58 each, the highest in more than two years and a move that boosted its six-month gain to nearly 75%. GM shares slipped to a ten-year high of $ 56.97, losing $ 0.64% each to trade at $ 55.52.
Democratic controls in the post-Senate elections in Georgia have supported the wider electric vehicle sector, as did former Michigan Governor Jennifer Granholm’s appointment as Energy Secretary by President Biden late last year.
Biden has promised to build 550,000 electric vehicle charging stations through investment in clean energy research, creating some 1 million new jobs.
Granholm, who has a close relationship with the auto sector after his two terms as governor, will require Senate confirmation to take up and work with Transport Secretary Pete Buttig.