Why Ford Led Auto Stocks Higher Today
Ford (NYSE: F) stock popped Wednesday morning after the company reported its July 2022 vehicle sales numbers. The news brought other U.S. automaker stocks with it, too. After rising by as much as 6.5%, Ford shares were still 2.9% higher as of 11:16 a.m. ET. Rival General Motors (NYSE: GM) and electric vehicle (EV) start-up Lordstown Motors (NASDAQ: RIDE) also rode the news upward, gaining 3.6% and 5.4%, respectively.
Ford's numbers surprised industry analysts, who had estimated that overall industry sales would drop by 10.5% year over year. Ford saw sales strength across its lineup, including a nearly 70% gain in SUV sales. While its EV sales were being compared to a low 2021 base, they nonetheless soared by 169%. That Ford segment, which currently includes its Mustang Mach-E, F-150 Lightning, and E-Transit van, grew at triple the rate of the overall EV industry in July, according to the company. The news bodes well for GM as well as EV start-ups like Lordstown.
Ford also said sales of its hybrid F-150 and Maverick pickup trucks grew by 35.3% during the month. The company recently announced it would offer a new off-road package for its popular Maverick. The company hopes the entry-level pickup truck will help bring new customers to its brand.
Source Fool.com
