Ford Making Moves - EV Momentum
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February 14, 2023
Wall Street Warrior Presents ⮕ ⮕ ⮕
Inflation slowed again in January 2023.
But not by much …
Here are the details.
And markets took a bit of a hit.
December 2023 inflation year-over-year was 6.5%. January fell to 6.4%.
Here's a chart …
Here's a chart of the S&P 500 ETF Trust (NYSE: SPY) …
The price still has support from earlier this year. It's possible the price continues to rebound.
After all, there are more factors than the CPI that contribute to market strength.
Be aware of today's weakness. But stay on the lookout for trade opportunities.
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Ford Motor Company (NYSE: F) announced an intent to axe 3,800 jobs in Europe.
Here are the details.
Ford's in some hot water right now. The company reported a weak earnings report earlier this year and has been looking for ways to raise revenue.
Similar to most tech companies in 2022, employment cuts effectively lower costs.
Also, the company's falling behind in the EV race. Currently losing to names like Telsa Inc. (NASDAQ: TSLA) and General Motors Company (NYSE: GM) .
The job cuts at Ford are apparently directly related to the EV industry. It's part of a plan to make the company leaner and more EV-focused.
This isn't the only EV news today …
EU Bans Fossil Fuel Vehicles
The law will allegedly go into effect in 2035.
Here are the details.
It's more than a decade away. But still … this is a huge move. And it parallels California's intent to do the same. Although California announced the idea last year.
Read more here.
It begs the question … who will be next?
Keep an eye on this sector!
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