NEW YORK (TheStreet) -- Ford (F) is reportedly getting ready to debut a new solar-powered concept car that can get 100 miles per gallon at the Consumer Electronics Show next week. Shares of the automaker fell 0.8% to $15.30 in Thursday trading.
The Ford C-MAX Solar Energi Concept car will use a gasoline engine like many current hybrid vehicles, and will use solar panels instead of an electric plug. The concept car will use a special device developed at the Georgia Institute of Technology to concentrate the sun's rays on the solar panels to get more power from the solar radiation. According to Ford, one day of sunshine should be the same as a four-hour battery charge, or 8 kilowatts.
On a full charge Ford expects the C-MAX Solar Energi Concept car to have a range of 650 miles, including 21 miles using only electric power. The automaker says 75% of all trips by average drivers can be powered by the sun in the new car.
TheStreet Ratings team rates FORD MOTOR CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate FORD MOTOR CO (F) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year, good cash flow from operations and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."