Morgan Stanley’s Adam Jonas called the EV target “an aspirational/stretch goal,” while Deutsche Bank’s Emmanuel Rosner called a 10% margin by 2026 “ambitious.”
, announced Wednesday, pushing the automaker's stock to its fifth-highest daily gain in the past 12 months.
But Wall Street analysts weren't sold on all aspects of the changes under CEO Jim Farley's"Ford+" turnaround plan for the Detroit automaker. Some analysts still call for a full spin-off of one of the businesses. Others question whether Ford can achieve aacross its businesses by 2026, while increasing global EV production to 2 million units by that timeframe.
Morgan Stanley analyst Adam Jonas, in a note to investors Wednesday, called the EV target"an aspirational/stretch goal." He cited little confidence in Ford — and others such aswhich has announced similar goals — to secure enough raw materials, tooling and supply chain resources"in sufficient quantity and quality/efficacy to deliver on an EV number anywhere near this level within 4 years.
Morgan Stanley expects Ford to produce 560,000 EV units by 2026 and estimates the company's adjusted operating profit margin on EVs to be only 4% by 2026, not 10%. The research firm first issued those targets prior to Ford's announcement, but maintained the forecast after the update. However Jonas cited there could be some upside they aren't taking into account just yet.
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