Why Ford, Tesla, and Lucid All Soared Today
Ford (NYSE: F) reported September sales in its monthly update today, a day after Tesla (NASDAQ: TSLA) shared its full third-quarter production and delivery report. While investors showed some disappointment with what Tesla said yesterday, the bulls are taking over today and pushing many electric vehicle (EV) maker stocks higher.
As of 2:22 p.m. ET, shares of Ford, Tesla, and EV start-up Lucid Group (NASDAQ: LCID) were higher by 6.8%, 1.8%, and 8.9%, respectively. Tesla shares, it should be noted, were up more than 6% before news related to CEO Elon Musk's bid for Twitter broke today.
Ford reported today that its EV sales nearly tripled year over year in September. The company also said its total share of the EV segment has reached 7%. We should also note that this comes as Ford's overall sales in September dropped nearly 9% year over year. Investors now seem to be evaluating Ford less as a blue chip company and more for its chances to succeed in the EV space against Tesla.
Source Fool.com
