Ford Motor Co. (F.) – Request report Stocks shot to their highest level in more than two years on Thursday after TheStreet founder Jim Cramer drew attention to the investments in electric vehicles by President Joe Biden’s new administration.
Cramer told CNBC’s Mad Money program last night that Biden’s focus on clean energy will accelerate the changes in the auto industry already underway, a theme also highlighted by Deutsche Bank’s Emmanuel Rosner, who announced his price target. for Ford at $ 2 to $ 11 a share shortly after being added to the bank’s “Conviction Buy” list ahead of the automaker’s fourth-quarter earnings on Feb. 3.
“Be prepared for tougher environmental regulations pushing people into electronic vehicles … and I’m increasingly drawn to Ford because they are electrifying the F-150 and they have a nice investment in Rivian, the electric truck developer,” Cramer said . “General engines (GM) – Request report works too, and they are both cheap. “
Ford shares were quoted 7.3% higher on Thursday to change hands at $ 11.66 each, the highest in more than two years and a move that extends profits to about 75% in six months. GM shares were also on the move, rising 1.11% to mark a new ten-year high of $ 56.97 each.
Democratic scrutiny of the Senate after the elections in Georgia has bolstered the wider electric vehicle industry, as has President Biden’s appointment of former Michigan governor Jennifer Granholm as Secretary of Energy by President Biden late last year.
Biden has pledged to build 550,000 electric vehicle charging stations while simultaneously creating approximately 1 million new jobs by investing in clean energy research.
Granholm, who has close ties with the automotive industry after her two terms as governor, needs confirmation from the Senate to accept her post and work with Pete Buttigieg, the appointed Transport Secretary.