Ford
- 25-30% declining sales MoM against 2020
- 140b in debt
- Spent 7b in cash for an EV plant partnership that won't materialize for at least a year.
- Closed its plant in Mexico due to chip shortages.
- Domestic plants are running at 50-60% capacity due to chip shortages.
- Ford got rid of FICO score requirements for its 84 month loan.
- Average new vehicle prices hit a record in 2021.
- 90 day Delinquencies are hovering at 5% and only receded during the stimulus checks.
It's hard to advocate a short position in markets with all of the free money and inflation, but I feel like the auto sector is it. Tell me how you could value a company like Ford higher with the current fundamentals.
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