Ford Motor Company (NYSE:F) shares are trading lower on Thursday. Bernstein analyst Toni Sacconaghi downgraded Ford Motor from Outperform to Market Perform, with a price forecast of $11.
In an unrelated development, Ford revealed on Thursday that it is experiencing record sales growth in the Middle East in 2024, driven by strong performance in key markets and the introduction of its freshest lineup to date.
The launch of the Mustang Mach-E and Territory Hybrid highlights Ford's commitment to an electrified future in the region.
Kay Hart, president of Ford's International Markets Group, stated that the Mustang Mach-E is Ford's first fully electric vehicle for the region and described it as one of the most exciting vehicles the company has ever produced.
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Additionally, Ford highlighted that it is expanding its connected services offering, with the 2025 introduction of FordPass for customers in the Middle East.
"This success is due to strong market share gains by our distributors in key countries such as the United Arab Emirates, Kuwait, Bahrain, Qatar and Saudi Arabia," said Ravi Ravichandran, president of Ford Middle East.
Next year, Ford will accelerate the launch of Ford Connected Services with the FordPass app first in the UAE, followed by Saudi Arabia.
This move further enhances Ford's commitment to providing a better connected driving experience.
Ford is also enhancing its regional operations with the opening of a new parts distribution center in the UAE, slated for January 2025. The facility will enable faster delivery of parts to distributors, ensuring quicker service for Ford owners.
According to Benzinga Pro, F stock has gained over 8% in the past year. Investors can gain exposure to the stock via First Trust Nasdaq Transportation ETF (NASDAQ:FTXR) and WBI Power Factor High Dividend ETF (NYSE:WBIY).
Price Action: F shares are trading lower by 1.79% to $10.99 at last check Thursday.
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