Automotive Industry: Weekly automotive pit stop: Thoughts on recent Ford rally

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Automotive Industry: Weekly automotive pit stop: Thoughts on recent Ford rally

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Automotive Industry

Weekly automotive pit stop: Thoughts on

recent Ford rally

Price Objective Change

Thoughts on recent Ford rally (+39% past 12 trading days) 29 May 2026

Ford (F) shares are up ~39% over the past 12 trading days, outperforming the S&P 500 Equity

by over 37pts. We believe F's recent rally is a result of increased investor optimism Global

surrounding its battery energy storage system offering (see our recent weekly note, as Autos/Car Manufacturers

well as our expert call note). We think investor sentiment had started to shift prior to Alexander Perry

recent Ford Energy optimism, with increased interest from long only investors who Research Analyst

recognize that Ford is playing in the right North America profit pools, with a BofAS+1 646 855 1365

protectionist trade agenda barring Chinese EV disruption and a regulatory complex that aperry3@bofa.com

no longer restricts Ford's margin accretive ICE/truck SUV platform. We had Ford

management on the road earlier in the month (see note, NDR Takeaways), and while

there was little focus at the time on the Ford BESS business, there was a lot of investor

focus on near-term mix opportunity, and higher margin parts & software profit streams. Stock symbol key

We think Ford's middle-upper income consumer demographic has been relatively Adient Plc ADNT

Aptiv PLC APTV

insulated from higher gas prices so far, and Ford's Employee Pricing for All campaign Asbury Auto ABG

that launched on May 1st has been resonating with customers. AutoNation, Inc. AN

BorgWarner BWA

We also believe Ford supplier Novelis’ recovery could be an upside catalyst for Ford, with CarMax KMX