Ford Motor Co. (F) – Get report Shares rose to a record high in more than two years on Thursday after TheStreet founder Jim Cramer stressed investment in President Joe Biden’s new government.
Cramer told CNBC’s Mad Money program last night that Biden’s focus on clean energy will accelerate the changes in the automotive industry that are already underway, a theme also highlighted by Deutsche Bank’s Emmanuel Rosner, whose price target on Ford increased by $ 2 to $ 11 per price. shortly after it was added to the bank’s ‘Conviction Buy’ list ahead of the carmaker’s earnings on 3 February.
“Be prepared for stricter environmental regulations that drive people into electronic vehicles … and I’m increasingly attracted to Ford because they electrify the F-150 and they have a good investment in Rivian, the developer of electric trucks,” Cramer said. “General Motors (GM) – Get report work too, and they are both cheap. ‘
Ford shares were up 7.3% higher early in early trading on Thursday to trade at $ 11.66 each, the highest in more than two years and a move that extended its six-month gain to about 75%. GM shares were also on the move, rising 1.11% to mark a new ten-year high of $ 56.97 each.
Democratic control of the Senate following elections in Georgia supported the broader sector of electric vehicles, as well as the appointment of former Michigan Governor Jennifer Granholm as energy secretary by President Biden late last year.
Biden has promised to build 550,000 charging stations for electric vehicles, while creating about 1 million new jobs by investing in clean energy research.
Granholm, who after her two terms as governor has close ties with the automotive sector, will need the Senate’s confirmation to hold her post and work with Transport Minister Pete Buttigieg.