Investors who dumped shares of Ford Motor (NYSE:F) will regret the sale. Ford posted an earnings smasher that sent the stock to new 52-week highs. After re-instating the 10-cent dividend, the ICE (internal combustion engine) value stock will attract income investors.

In Q3, Ford posted revenue of $35.7 billion. Net income topped $1.8 billion and adjusted EBIT was $3 billion. Ford benefited from a significant increase in semiconductor availability. Higher wholesale vehicle shipments drove sales. In North America, an EBIT margin of 10.1% is a welcome reversal.

Looking ahead, Ford expects a full-year EBIT of $1.05 billion to $11.5 billion. The strong cash position of $31.5 billion lets the previously struggling automaker to invest back in the business until 2025. For example, capital expenditure in 2020-2025 is $40 billion to $45 billion.

Ford must upgrade operations and revamp every aspect of the business. Tesla (NASDAQ:TSLA) is trouncing it on the electric vehicle segment. Fisker (NYSE:FSR) and Lucid Motor (NASDAQ:LCID) are bringing EVs to market next. Furthermore, premium brands like BMW, Volvo, Mercedes-Benz, and Volkswagon have EV ambitions.

Fortunately, VW’s ID-named EV is a flop. Sales are struggling, so it may give Ford’s Mach-E a chance. F stock is at a high, so investors should wait for a drop before considering this company.