NEW YORK (TheStreet) -- Ford Motor Co.'s (F) drive to make its sport utility vehicles and other models lighter to save fuel and boost performance will not be delayed by a recent drop in oil prices, Executive Chairman Bill Ford said on Wednesday, Reuters reports.
The no. 2 U.S. automaker this month started production of a redesigned, aluminium-intensive F-150 full-size pickup truck, Reuters said, adding, Ford said it could incorporate more of the light metal into its models in the future.
Asked whether a plunge in oil prices gave the company second thoughts about all the investment to make pickup trucks lighter, Ford told Reuters: "No, not at all."
The F-150, the best-selling vehicle in the U.S. market for 32 straight years, has contributed the lion's share of Ford's global pretax profit, and its latest launch is closely watched by analysts and investors, according to Reuters.
Shares of Ford are down 0.39% to $15.44.
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 several positive factors, 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 attractive valuation levels, 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."