FORD MOTOR COMPANY

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Ford and ADT Inc. to Form Joint Venture to Fortify Vehicle Security With Breakthrough Technology

01/18/2022 | 11:30am EDT

Ford and ADT Inc. will invest in a new joint venture called Canopy that combines ADT’s professional security monitoring and Ford’s AI-driven video camera technology to help customers strengthen security of new and existing vehicles across automotive brands. Canopy plans to launch industry-first, multi-sensor security systems with available professional monitoring early next year. The first products to be manufactured and sold will be available in the U.S. and the U.K. for the industry’s highest-volume commercial and retail pickups and vans – including the Ford F-150, F-150 Lightning, Transit vans and E-Transit – and will be easily installable by customers to protect expensive work and recreational equipment. The FBI estimates1 that stolen work equipment cost more than $7.4 billion in 2020 in the U.S., and theft of valuable work equipment is believed to be underestimated in stolen vehicle reports. Small business owners face even greater opportunity costs with the deferral or loss of jobs while replacing stolen items. Canopy also plans to begin integrating camera security solutions in Ford vehicles next year for seamless protection inside and outside vehicles. Canopy will seek factory-vehicle integrations with other automakers over time. Starting a Vehicle Security Revolution - Canopy’s first smart vehicle security system accessory offering will make use of acoustic sensors for vans, onboard cameras, radar, LTE, and GPS. The initial product will have a camera that can be mounted in either a van’s cargo area or on a pickup facing the bed. The platform will use AI technology to identify and report credible threats while reducing false alarm signals. Customers will be connected to the system via the Canopy app to livestream video from the vehicle, get notified of suspicious activity, or review past events. The system will trigger a smartphone alert of any indicators of potential criminal activity, such as breaking glass, metal cutting, or suspicious motion or sound near the vehicle. Customers can warn potential thieves they are being monitored by speaking through the smartphone app, enabled by a two-way audio feature that will be available by next year. The system’s AI is designed to distinguish true threats from benign acts – such as a cat jumping into a pickup bed or construction sounds near a vehicle – before alerting the owner or ADT monitoring agents of potential theft. The system will alert ADT monitoring professionals if it detects a person loitering around or breaching the vehicle. ADT monitoring agents can then contact customers, fleet managers, or police to take additional measures to help prevent theft. Credible threats will trigger additional responses, including audible alerts and programmable voice recordings and two-way audio in future updates. The first-of-its-kind Canopy products will be sold through vehicle dealerships, major retailers, and online. Ford Pro will be an important launch partner delivering these solutions to commercial and government customers of all sizes, helping drive business forward and accelerate productivity at a global scale. The Canopy team has been developing and testing its first technologies for two years as part of Ford’s New Business Platform innovation incubation group. They will now be headquartered in Detroit and London and led by Interim CEO Christian Moran. Canopy also will seek relationships with other automotive, insurance, and technology companies to expand offerings, explore insurance benefits for use of the technology, and co-create new innovations. Ford and ADT’s investment in Canopy is subject to certain conditions, including regulatory approvals, and initial funding is expected to close in the second quarter of 2022. The partners expect to invest approximately $100 million during the next three years.


© S&P Capital IQ 2022
Stocks mentioned in the article
ChangeLast1st jan.
ADT INC. 0.71% 6.405 Delayed Quote.-24.38%
FORD MOTOR COMPANY -0.31% 11.17 Delayed Quote.-45.50%
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Financials (USD)
Sales 2022 144 B - -
Net income 2022 4 380 M - -
Net cash 2022 14 482 M - -
P/E ratio 2022 13,0x
Yield 2022 3,64%
Capitalization 45 021 M 45 021 M -
EV / Sales 2022 0,21x
EV / Sales 2023 0,17x
Nbr of Employees 183 000
Free-Float 98,0%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 11,20 $
Average target price 17,87 $
Spread / Average Target 59,6%
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Managers and Directors
James D. Farley President, CEO, Director & President-Model E
John T. Lawler CFO-Ford Asia Pacific & Africa
William Clay Ford VP & Head-Commercial Truck Vehicle Center
Douglas Field Chief Advanced Technology Officer
Michael R. Amend Chief Digital & Information Officer
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