Ford Motor: Unpacking Ford's opportunity in energy storage - compelling, but consider the competition + execution risks

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Ford Motor: Unpacking Ford's opportunity in energy storage - compelling, but consider the competition + execution risks

Equity Research

U.S. Autos & Mobility

14 May 2026

Ford Motor

Unpacking Ford's opportunity in

energy storage - compelling, but

F EQUAL WEIGHTconsider the competition +

U.S. Autos & Mobility NEUTRAL

Price Target USD 13.00execution risks

Price (13-May-26) USD 13.57

Key takes: 1. Ford Energy could be an incremental $3bn Potential Upside/Downside -4.2%

revenue, $300-500mn EBIT opportunity, yet consider Source: Bloomberg, Barclays Research

potential execution risks; 2. Key benefit from domestic U.S. Autos & Mobility

production of CATL licensed LFP cells; 3. GM BESS Dan Levy

opportunity more modest; 4. Unpacking BESS +1 212 526 3212 dan.levy@barclays.com

BCI, USTAM + competitors

Josh Cho

Ford's opportunity in BESS (energy storage) came into focus over the past couple days - not only +1 212 526 7156

joshua.cho@barclays.comfrom the additional details Ford provided about its efforts, but also from the frenzied market

BCI, US

reaction yesterday (Ford +13% vs SPX +1%). We outline below the details on Ford's opportunity

in energy storage, the potential financial profile, and considerations on the competitive Joshua Young

environment. +1 212 526 3280

jryoung@barclays.com

Overall, we see several key takes: BCI, US

•• The opportunity for Ford in BESS can be compelling. With potential EBIT ~$300-500mn, it can

be a key contributor to reaching breakeven in Model e.

•• Yet we believe the opportunity should be balanced against questions of execution and ramp.

Currently there is likely a supply/demand mismatch in the US - which would benefit Ford.

However, Tesla remains the dominant player, with more capacity coming online - Tesla's

current capacity roadmap is 7x Ford's.