Ford's Upcoming Electric Vans, Trucks Positioned To Boost Profitability, Analyst Says
Ford's Upcoming Electric Vans, Trucks Positioned To Boost Profitability, Analyst Says
BofA Securities analyst John Murphy maintained a Buy rating on Ford Motor Co (NYSE:F) with a price target of $20.
BofA证券分析师约翰·墨菲维持对福特汽车公司（纽交所：F）的买入评级，目标价为20美元。
The price target reflects an EV/EBITDAP multiple (EV/EBITDA adjusted for pension) of roughly 4x on Murphy's 2025 estimates, considering the timing of the cycle and the company's imminent execution of something analogous to the analyst's Core to Future transition framework.
该目标价反映了墨菲根据2025年的估计得出的EV/EBITDAP倍数（考虑到养老金后调整的EV/EBITDA），考虑到周期的时间和公司即将执行类似于分析师核心到未来转型框架的事物。
On Aug. 21, Ford announced several changes to its product plans that should help improve the profitability and capital efficiency of its Core to Future transition, Murphy highlighted.
8月21日，福特宣布了几项对其产品计划的改变，这些改变将有助于提高公司核心到未来转型的盈利能力和资本效率，墨菲强调了这一点。
Also Read: Ford Recalls 85,000 Explorer SUVs Over Engine Fire Risk, Adds to Recent Safety Concerns
此外阅读：福特召回85000辆探险者SUV，存在发动机起火风险，此举增加了最近的安全担忧。
Ford plans to launch a new electric commercial van in 2026 and two new electric pickup trucks in 2027 and leverage its hybrid technology in the following three-row SUVs. The analyst added that Ford's new product plan would focus more on the company's core strengths, notably commercial vans, mid- and large-sized pickup trucks and long-range SUVs.
福特计划在2026年推出一款新的电动商用货车和两款新的电动皮卡，以及在接下来的三排SUV中利用其混合动力技术。分析师补充说，福特的新产品计划将更加注重公司的核心优势，尤其是商用货车、中型和大型皮卡和长续航SUV。
According to the analyst, Ford's investments in lowering the cost of its EV platforms will eventually make its next-generation EV trucks more profitable.
根据分析师的说法，福特在降低其电动车平台成本方面的投资最终将使其下一代电动卡车变得更加有利可图。
Murphy noted that Ford established the Skunkworks team to lower the cost curve of EVs.
墨菲指出，福特成立了特工小队以降低电动车的成本曲线。
Ford will incur a $400 million non-cash charge for the write-down of manufacturing assets associated with its previously planned electric three-row SUV and $1.5 billion in additional expenses and cash expenditures over time, the analyst said. Murphy cited Ford as saying that the annual capital expenditures related to pure EVs will decline from 40% to 30%.
分析师表示，福特将因其以前计划中的电动三排SUV的制造资产减值而承担4亿美元的非现金费用，并将随着时间的推移增加15亿美元的额外费用和现金支出。墨菲引述福特公司表示，与纯电动车相关的年度资本支出将从40%降至30%。
The analyst said focusing on product cadence and practical incremental profit opportunities should position Ford to grow its earnings structurally.
分析师表示，专注产品节奏和实际的增量利润机会应该可以使福特公司在结构上实现盈利增长。
Murphy added that the opportunities to strengthen the Core business should further bolster earnings, cash flow, and the balance sheet, enabling further investment.
墨菲补充说，加强核心业务的机会应该进一步增强收益、现金流和资产负债表，并促进进一步投资。
F Price Action: Ford shares traded higher by 1.15% at $10.98 at last publication Thursday.
F股价动态：福特股份上周四最新发表时上涨了1.15%，至10.98美元。
Photo: Shutterstock
Photo: shutterstock
