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Ford (F) -1.3% after car manufacturer halts orders for Maverick
Ford (F) shares slipped 1.3% on Monday after the auto giant said that “overwhelming” demand had forced it to stop taking new orders for its Maverick pickup truck.
Ford Motor Co. (F) dipped 1.3% in trading on Monday after the US vehicle manufacturer decided to halt retail orders for its popular Maverick pickup truck in order to keep up with “overwhelming” demand.
Ahead of its Q4 earnings report on Thursday (27th January), Ford said that it will now only focus on producing existing orders for the 2022 Maverick, which was unveiled to much fanfare last summer and retails for $20,000.
The move suggests that Ford has run into the same supply chain issues that have plagued other big corporations in recent months, which have made it more difficult to juggle supply and demand for key products.
In a statement, a spokesperson for the company advised customers to purchase the Maverick at local dealers in the US pending availability.
However, from Thursday, nobody will be able to buy either the hybrid or EcoBoost models of the Maverick at retail, though orders will open for the 2023 model this summer.
Investors have cooled on Ford stock recently amid concerns about supply chain disruptions.
Jefferies analyst Philippe Houchois was less than enthusiastic last week after he cut his rating from buy to hold on what he sees a “zero-sum-game” for Ford’s recent electrical vehicle transition.
The Detroit-based manufacturer recently outlined plans to ship 150,000 units of the F-150 Lightning model by the end of 2022.
Ford shares were down 1.3% early on Monday and trading at $20.39 in a move that extends its 10-day slump to over 20%.
Wall Street has forecast for $0.43 earnings per share and $35.76bn revenue when it releases its quarterly report later this week, with Ford guiding for up to $11.5bn adjusted earnings for the full year.
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