Ford Motor Co. (NYSE:F) hasn’t seen a moment like this in years ― Wall Street is waking up to the idea that the legacy automaker may have stumbled into a surprisingly lucrative corner of the artificial intelligence buildout.
Shares are up roughly 22% over the past two sessions through Thursday midday, the strongest two-day rally since the March 2020 pandemic crash low.
The trigger was not earnings, not a product launch, not a buyback. It was a Morgan Stanley research note that turned a quietly announced subsidiary into a $10 billion thesis.
Chart: Shares Of Ford Motor On Pace For Best 2-Day Jump Since March 2020
Morgan Stanley’s Bullish Call on Ford Energy
The note, published late Tuesday by analyst Andrew Percoco, indicated that Ford Energy — the battery storage business Ford formally introduced on Monday — could one day be worth as much as Ford’s entire commercial vehicle franchise.
Ford Energy will deploy at least 20 gigawatt-hours of battery storage systems annually, targeting data centers, utilities and industrial customers.
First deliveries land in late 2027.
Morgan Stanley estimates the unit could generate a 25% gross margin and roughly $346 million in earnings before interest and taxes by 2028.
According to Morgan Stanley, the business could be worth $10 billion — and that figure could prove conservative if Ford lands a single hyperscaler client.
The Tesla Comparison Wall Street Is Whispering About
For years Ford was the punchline of the EV transition. Its electric vehicle unit lost $19.5 billion in 2025 alone, prompting the writedown of nearly every major battery program.
Now the company is leveraging that same plant footprint to do something Tesla pioneered but never scaled industrially: turn lithium iron phosphate batteries into a high-margin grid storage business.
Ford’s edge comes from a licensing agreement with China’s Contemporary Amperex Technology Co. Ltd., known as …
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