Ford’s CEO Promotes Competitor’s EV While Cars Sit in a Missouri Cave
In the world of marketing, certain rules are typically followed. One key rule is to avoid endorsing a competitor’s product. Ford (F) has recently found itself in a tricky situation as CEO Jim Farley has openly praised an electric vehicle that isn’t made by Ford.
Farley has been driving a Xiaomi (XIACF) Speed Ultra 7 for the last six months. He describes the vehicle as “fantastic” and has expressed a desire not to switch back to a Ford model. This situation becomes even more intriguing considering Farley previously labeled Chinese electric vehicles as an “existential threat” to the U.S. auto industry.
This isn’t the first time Farley has acknowledged a competitor positively. He previously referred to the BYD (BYDDF) Seagull as “pretty damn good” and noted that Xiaomi’s cars are currently sold out for six months, with monthly sales between 10,000 and 20,000 vehicles.
The Ford Car Cache
In a surprising twist, reports have surfaced about a cave in Missouri packed with Ford vehicles. Initially, some thought the images depicted a temporary response to an overflow of old Maverick cars from the 1970s.
However, it turns out that this situation is far from temporary. Ford has been storing cars in this cave, known as “SubTropolis,” for 70 years. The cave system—a vast limestone network—maintains a constant 40% humidity and keeps temperatures between 68 and 72 degrees year-round, making it ideal for long-term storage.
A Look at Ford Stock
On Wall Street, analysts are currently evaluating Ford’s stock with a Moderate Buy consensus. This rating is based on five Buy recommendations, nine Holds, and one Sell over the past three months. After a 4.1% increase in share price over the last year, the average price target for Ford (F) is $12.12 per share, suggesting a potential upside of 9.49%.
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