Why These 5 Stocks Are Moving on Wednesday

3. Ford Motor Company (NYSE:F) soared more than 7% after the automobile giant revealed that it will raise its spending on electric vehicles (EV) to $50 billion by 2026 as opposed to the prior guidance of $30 billion. Ford Motor Company (NYSE:F) intends to produce two million EVs by 2026. This will be nearly one-third of its annual production. Ford Motor Company (NYSE:F) intends to increase the total proportion of electric vehicles to 50% of its annual production targets. This is a move to counteract the impact of Elon Musk-led Tesla, Inc. (NASDAQ:TSLA).