Shares of Ford Motor Company (NYSE:F) are moving higher on Friday, potentially driven by several positive developments announced during the week.
What To Know: On Thursday, the Biden-Harris administration announced nearly $2 billion in funding to support the conversion of 11 shuttered or at-risk auto manufacturing facilities across eight states into electric vehicle (EV) manufacturing sites.
This initiative aims to bolster the U.S. auto industry, create thousands of good-paying union jobs and ensure the future of EV manufacturing is made in America by American workers.
What Else: Ford Motor Company also unveiled new financing offers, including a 0% financing option for its Mach-E and F-150 Lightning electric vehicles, part of a Summer Sales Event. This move follows Tesla Inc's (NASDAQ:TSLA) recent financing offer and is expected to boost Ford's EV sales.
Board Expansion: The Ford Motor Company board has elected Adriana Cisneros, Chief Executive of Cisneros Group, as a director, effective immediately. This appointment expands the board to 15 directors. Cisneros, who has successfully modernized the family-led Cisneros Group into a global leader in digital advertising, media, entertainment and real estate, will serve on Ford's Nominating and Governance and Sustainability, Innovation and Policy committees.
More Details: The company has also announced details for its second-quarter 2024 earnings conference call. The company will release its financial results on Wednesday, July 24. CEO Jim Farley, CFO John Lawler and other senior management team members will host a conference call to discuss the results and provide updates on the Ford+ plan for growth and value creation.
Ford Price Action: Ford shares were up 4.57% at $14.09 according to Benzinga Pro.
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