Ford (F) shares set to extend losses for seven straight sessions, as the stock is down 1.80% at $13.36 during trading hours on Tuesday.
The company lost nearly 4.25% over the preceding six sessions. Ford closed 1.52% lower on Monday at $13.60.
According to sources cited by The Wall Street Journal, Ford (F) is turning to China’s number one automaker for batteries to supply its hybrid vehicle production and replace terminated agreements with LG Energy Solutions and SK On.
The two companies are reportedly in discussions in which Ford would buy batteries manufactured by BYD (BYDDY) (BYDDF) for its hybrid vehicles. Under one discussed scenario, Ford would import BYD (BYDDY) (BYDDF) batteries to Ford’s overseas factories.
Looking at Seeking Alpha’s Quant Rating, Ford has a Hold rating with a score of 3.34 out of 5. The company received an A+ in the prospect of profitability, while it got an F for growth and a C for revisions.
Turning to the Wall Street community, four out of 21 analysts gave Ford a Buy or above, 16 analysts have given the stock a Hold recommendation, and one recommended Strong Sell.
However, Seeking Alpha analysts are bullish and view the stock as a Buy.
Seeking Alpha analyst Dilantha De Silva rated the stock Buy, saying that despite delayed EV profitability targets (now 2029) and the loss of the EV growth premium, shares remain attractive at 12.8x forward earnings for investors willing to embrace the new-look Ford.
Overall, the stock has gained nearly 30% over the past year, compared to the approximately 17% rise in the broader S&P 500 Index.