Business
Ford Stock Surges on Support for Energy-Storage Business
Ford Motor’s stock soared Wednesday as Wall Street cheered the automaker’s increased focus on using batteries once meant for electric vehicles as stationary energy-storage systems.
Shares were up 14% in afternoon trading, putting the stock on pace for its biggest one-day gain since March 2020. Morgan Stanley analysts cited the company’s new Ford Energy subsidiary in a note Wednesday as an “underappreciated” competitive advantage.
Energy storage systems are large stationary batteries, which have emerged as an alternative business strategy for carmakers who invested heavily in electric vehicle battery plants. Demand for EVs has slowed in recent years amid U.S. policy changes.
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