Normally, fighting a call to appear before a Senate committee is a good way to land in a lot of hot water. But for legacy automaker Ford (F), CEO Jim Farley is taking a stand against what he considers unfair treatment, and it seems to be sticking. Ford shares gained fractionally in Monday afternoon’s trading.
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Ford’s objection, reports note, stems from a matter of who was invited to testify. Ford’s CEO was invited to testify, as were the CEOs of the rest of the Big Three, General Motors (GM) and Stellantis (STLA). But when it came to Tesla (TSLA), the invite instead went to the company’s vice president of vehicle engineering instead of straight to the top.
This might have something to do with the fact that Tesla’s CEO was briefly a government official last year. But Ford, reports suggest, actually responded a little more harshly than normal. Refusing to testify in an invitation event like this has happened before. But requiring conditions before showing up is different. University of Michigan professor Erik Gordon of the Ross School of Business noted, “It’s not common (to refuse to testify), but CEOs who believe they are just going to play the part of a punching bag in a made-for-television ‘Punch and Judy’ show often are reluctant to play along.”
A Mustang (Mach-E)’s Saddlebags
Considering taking a Mustang Mach-E on a road trip this summer? Not surprising, but how much cargo can you actually get into one of those things? A recent look at how much the surprise electric SUV could hold caught some attention recently.
The specs make it pretty clear: a Mach-E boasts 29.7 cubic feet of cargo room and an extra 2.6 cubic feet from the “frunk,” or the “front trunk.” But recent testing boiled down those numbers into “several large suitcases / duffels and a 38-quart cooler.” Not bad by any measure, especially for an electric vehicle. But many gas-powered equivalents will likely deliver more room.
Is Ford Stock a Good Buy Right Now?
Turning to Wall Street, analysts have a Hold consensus rating on F stock based on two Buys, 10 Holds and one Sell assigned in the past three months, as indicated by the graphic below. After a 34.48% rally in its share price over the past year, the average F price target of $13.27 per share implies 1.3% downside risk.
