Toronto, Ontario — In this weekly, post-American-Thanksgiving Tuesday Ticker, we look into Ford’s decision to scale back EV production in Michigan (and globally). Plus, VinFast makes minor gains amid analyst support.
Ford hits the brakes
Ford is scaling back its zero-emissions plans in Detroit, Michigan, amid slower-than-anticipated EV demand, according to a statement from the company made last Tuesday.
The legacy OEM is cutting its production capacity by 43 percent, and cutting employment expectation from 2,500 roles to 1,700 roles dedicated to EV production.
Ford did not say how much smaller its investment in EVs would be. The OEM is also postponing EV construction of another EV plant in Kentucky as part of its US$12 billion cut to EV production globally.
Viva VinFast
VinFast (NSDQ: VFS) shares were up almost 20 percent last week, following a turbulent few first months on the market.
One explanation for the random rise could be analyst Dan Ives’ decision to mark VFS a buy rating with a US$12-per-share price target.
As of Monday at 2:30 p.m. ET, shares of VinFast are up 19 percent in the last five days, trading at US$6.52 per share.
Even still, the EV OEM’s shares are down 82 percent year-to-date, with the record high at US$82.35 per share.
