Ford Motor Co. (F) – Get the report shares have risen sharply in the past two years on Thursday after TheStreet founder Jim Cramer highlighted the momentum of investment in electric vehicles in the new administration of President Joe Biden.
Cramer told CNBC’s Mad Money program last night that concentrating Biden’s clean energy will accelerate changes in the automotive industry that are already underway, a topic that was also highlighted by Emmanuel Rosner of Deutsche Bank, who raised his goal for $ 2 to $ 11 shortly after adding it to the bank’s “Purchase of Convictions” list before the automaker’s earnings in the fourth quarter of February 3
“Be prepared for stricter environmental regulations that push people into electronic vehicles … and I’m increasingly attracted to Ford because they electrify the F-150 and have a nice investment in Rivian, the electric truck developer,” Cramer said. “General engines (GM) – Get the report they work, too, and they’re both cheap. “
Ford shares were 7.3% higher on early trading on Thursday, to change hands at $ 11.66 each, the highest in two years and a move that extends its six-month gain to about 75%. GM shares were also moving, rising 1.11% to indicate a new ten-year high of $ 56.97 each.
Democratic control of the Senate after Georgia’s by-elections backed the broader electric vehicle sector, as did the appointment of former Michigan Gov. Jennifer Granholm as energy secretary by President Biden late last year.
Biden has promised to build 550,000 charging stations for electric vehicles, while creating about 1 million new jobs by investing in clean energy research.
Granholm, who has close ties to the auto industry after two terms as governor, will need Senate confirmation to take up his post and work with Pete Buttigieg, who has been named secretary of transport.