Actually, to call it a “turnaround plan” is a bit misleading. Ford Motor Company (NYSE:F) isn’t exactly in dire straits, even if it’s not doing quite as well as it was in 2016 when “peak auto” was materializing. On the other hand, in that the carmaker’s results and outlook have allowed — perhaps unfairly — Ford stock to lose 37% of its value since mid-2014.

Clearly something’s got to change.

And it is. Recognizing that doing the same thing it’s been doing just isn’t going to be enough, Ford CEO Jim Hackett and his crew have hashed out a rekindling plan with three key tenets. Ford stock holders need to pay extra attention to these initiatives, as they’ll likely do most of the company’s heavy lifting going forward.

International

Overseas sales have never really been Ford’s strong suit. Of last year’s $146 billion in revenue, a little more than $93 billion of it was produced in North America. Rival General Motors Company (NYSE:GM) fares a little better, though not leaps and bounds better, in foreign markets.

That could be changing for the better soon, however.

On Thursday, Ford announced it was teaming up with India carmaker Mahindra to build midsize and compact SUVs as well as an electric vehicle that might be sold outside that market. It’s a market the partnership could do reasonably well in too, after GM abandoned the market last year.

In February, Ford India sold more cars (on a wholesale basis) to Indian consumers, with much of that domestic growth being driven by the EcoSport… a compact SuV that it and Mahindra will build more of going forward.

In the meantime, even as President Donald Trump’s newly-imposed tariff plans might leave Ford caught in the crossfire of a trade way between the U.S. and China, Ford is trying to improve its relationship with its partners in that all-important market.

Namely, it’s trying to foster a new level of trust with Changan Automobile Group and Jiangling Motors Group. Low morale stemming from the tense relationships has taken a toll on the top and bottom lines.

More SUVs and Trucks

Offering the right product is half the battle.

If margins on the passenger cars most consumers don’t want are too low while margins on the trucks and SUVs consumers do want are high, the solution is simple: make more trucks and SUVs.

So, that’s what Ford is doing. In a media event held just a few days ago, the company announced it was going to redirect $7 billion worth of planned investment in cars to the development of SUVs. By 2020, Ford Motors should offer eight different sport utility vehicles.

As for trucks, it’s got big plans there too. Not only is it looking to further cultivate its popular F-series franchise, there’s a rumor in circulation that the “Raptor” package will eventually be available with the smaller Ford Ranger pickup line.

Hybrids (Trucks and Mustangs)

Last but not least, though Ford was arguably late to the electric and hybrid vehicle market, it’s catching up in a hurry. At the same media event it unveiled the proverbial doubling-down on trucks and SUVs, it also informed Ford stock holders that hybrid variants of the Escape and the Explorer were forthcoming.

That’s not all though. Stealing a play from the Tesla Inc (NASDAQ:TSLA) playbook, Ford aims to combine sportiness with battery power. A hybrid version of the Mustang is also in the works, as is a hybrid version of its F-150 pickup truck.

Bottom Line for Ford Stock

It remains to be seen just how much these new directions will matter for Ford stock. As was noted, the company isn’t doing badly, and at a trailing P/E of 5.7 it’s difficult to say investors aren’t exceedingly too pessimistic about Ford stock. Ford is doing its job; the market just chooses not to see it.

On the flipside, in a world where appropriate valuations are relative to headlines and collective opinions, anything that looks and feels like a step in the right direction is bullish for a stock. To that end, these three missions are encouraging for shareholders who’ve been frustrated by the stock’s poor performance.

As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can follow him on Twitter, at @jbrumley.