Jim Cramer says Ford Motor must do two things to win in 2024
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Ford Motor Co (NYSE: F) could outperform this year in an otherwise challenged automotive space if it does two things, says Jim Cramer.
Ford should focus on hybrid vehicles
The legacy automaker must continue its shift to hybrid vehicles as they are significantly more profitable than all-electric vehicles at least for now, as per the Mad Money host.
Hybrid vehicles are currently much more in demand than EVs as well, he added.
Last week, the multinational said sales of its hybrid vehicles in the final quarter of 2023 were up 55.5% versus a year ago. That compares to a 27.5% increase only in sales of its electric vehicles in Q4.
Watch here: https://www.youtube.com/embed/EhoNwl1iWgo?feature=oembedFord Maverick (hybrid) was the best performer last year with sales up 67% on a year-over-year basis. Wall Street currently rates $F at “overweight”.
Ford should address quality issues
Jim Cramer also wants Ford Motor Co to fix quality issues that have been resulting in high warranty costs for years.
The New York listed firm came in shy of expectations in its third financial quarter partly because of a $1.2 billion increase in expense related to warranties.
Addressing quality issues and eliminating these warranty costs will remove unexpected holes in quarterly results which will eventually translate into a boost to its stock price, as per the Mad Money host.
In December, Ford trimmed its production target for the all-electric F-150 Lightning (find out more). Its shares are down over 25% versus their 52-week high at writing.
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