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Ford Motor Co. (F) – Get the report On Thursday, stocks hit their highest level in more than two years after TheStreet founder Jim Cramer highlighted the surge in electric vehicle investment by President Joe Biden’s new administration.
Cramer told CNBC’s Mad Money program last night that Biden’s focus on clean energy would accelerate the changes in the auto industry that are already underway, a theme that was also highlighted by Emmanuel Rosner of Deutsche Bank. , which raised its target price on Ford from $ 2 to $ 11 per person. share, shortly after adding it to the bank’s “ Conviction Buy ” list ahead of the automaker’s fourth quarter results on February 3.
“Be prepared for tougher environmental regulations that push people into electronic vehicles … and I’m more and more drawn to Ford, because they electrify the F-150 and they have a nice investment in Rivian, the developer of electric trucks, ”Cramer told me. “General Motors (GM) – Get the report also works and they are both cheap. “
Ford shares were marked 7.3% higher early in Thursday to change hands at $ 11.66 each, the highest in more than two years and a move that extends its six-month gain to around 75%. GM shares, too, were on the move, rising 1.11% to indicate a new ten-year high of $ 56.97 each.
Democratic scrutiny of the Senate after the second round of elections in Georgia supported the broader electric vehicle industry, as did President Biden’s appointment of former Michigan Governor Jennifer Granholm as Energy Secretary to the end of last year.
Biden has pledged to build 550,000 electric vehicle charging stations while creating around 1 million new jobs through investments in clean energy research.
Granholm, who has strong ties to the auto industry after her two terms as governor, will need Senate confirmation to take office and work alongside Transport Secretary-appointed Pete Buttigieg.
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