Cramer: Buy Ford Dip as CEO Farley Eyes Chip Shortage Solution

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Ford  (F) - Get Report reported a good quarter but slashed forecasts in response to the ongoing chip shortage.

"To find out more, Cramer spoke with Jim Farley, CEO of Ford, who said Ford is on the right path forward and he's excited about the direction it's headed," TheStreet's Scott Rutt wrote in his Mad Money recap.

"When asked about Ford's strength in small, commercial vehicles, Farley explained that for most small businesses, it comes down to choice. One-size truck does not fit everyone, which is why they offer a variety of vehicles to meet every need," he continued.

"As for the chip shortage, Farley said initial estimates predicted the shortfall would affect between 10% and 20% of their production. The final number came in at 17%, or about 200,000 units. Farley expects the second quarter will be the trough and he's optimistic for the second half of the year," Rutt wrote. "Never vehicles continue to drive the momentum at Ford, Farley added. Their new electric Mustang Mach-e is completely sold out, while their new F-150 pickups are sitting on the lot for less than 25 days.

Watch Jim Cramer weigh in on Ford, a name in his Action Alerts PLUS portfolio, in the video above. 

Recap TheStreet Live: Everything Jim Cramer Is Watching Thursday 

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