3. -- Ford to Spend $29 Billion on Electric and Autonomous VehiclesFord (F) reported a loss of $2.8 billion in the fourth quarter but the stock rose more than 1% in premarket trading after the automaker said it plans to spend $29 billion on electric and autonomous vehicles.Ford will devote $22 billion on electric vehicles through 2025, and spend $7 billion on driverless-car technology.“We have no intention to cede ground to others in vehicle segments where Ford is the established leader,” said CEO Jim Farley on a conference call with analysts following the release of earnings. “Our time is now at Ford, we’re not talking about aspirations.”Rival General Motors (GM) said last week it planned to be "carbon neutral" by 2040 and phase out gasoline and diesel cars by 2035.Ford's adjusted fourth-quarter earnings of 34 cents a share topped analysts' forecasts that called for loss of 7 cents a share.Revenue totaled $36 billion, compared with year-earlier sales of $39.7 billion. Analysts expected revenue of $36.8 billion in revenue. "Overall, this was a very strong quarter for Ford and was highlighted by profitability that came in much stronger than expected and the news that management doubled down on its investment in electrification and autonomous capabilities," said Jim Cramer and the Action Alerts PLUS club, which holds Ford in its portfolio.
SYA Price at posting:
4.1¢ Sentiment: Buy Disclosure: Held
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