“We Still Don’t Want It”; Ford Stock (NYSE:F) Slides as Locals Like Battery Plant Threats

Not even a week ago, we found legacy automaker Ford (F) deeply concerned about the fate of a battery plant in Marshall, Michigan. But what if I told you that the locals in Marshall are actually kind of happy that the battery plant may not be able to survive? Those are conditions on the ground right now, reports note, and shares of Ford were down nearly 1.5% in Thursday afternoon’s trading as a result.

The word from Crain’s Detroit Business noted that Marshall Township residents were actually pleased about the potential stoppage of the plant, despite the fact that it is actually 60% complete right now. Marshall Township Treasurer Glenn Kowalske noted “I think right from the beginning…the community didn’t really want this facility. It didn’t want this industrial development. We still don’t want it.”

Apparently, area residents had tried to challenge the project with a referendum, but not only lost in trial court, but also in an appellate court afterward. The courts found that voters could not have a say in this matter, as Marshall included “…an appropriation in an ordinance rezoning the land.” The last appeal is now pending before the Michigan Supreme Court. Now, the Michigan Economic Development Corporation is getting involved, and will be answering questions of legislators at a new hearing set for next week.

A Few More Recalls

And yes, Ford has some more recalls recently. We just heard about one recall that came back from the depths of the 2010s, but this one is much more recent. The newest recalls impact just over 42,000 vehicles, reports note, and include 30,679 Nautilus vehicles. The Nautilus’ problem, reports note, is that multimedia software may cause a reboot of the panoramic and center displays. This can take out the speedometer and warning lights, which may in turn increase crash risk.

The F-150 Lightning got 192 vehicles recalled over incorrect repairs from the previous recall, and a handful of Ford and Lincoln vehicles—including, again, the Nautilus—are all facing issues with their engine block heaters that could potentially overheat. And that, of course, is the last place you want an overheating anything.

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, 12 Holds and three Sells assigned in the past three months, as indicated by the graphic below. After a 15.16% loss in its share price over the past year, the average F price target of $9.71 per share implies 3.67% downside risk.

See more F analyst ratings

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