Why Is Ford Stock Heating Up Today? Its Electric Vehicle Sales Tripled.

  • Ford (F) stock is gaining today alongside electric vehicle (EV) sales news.
  • The company’s EV sales for September tripled year-over-year.
  • That’s thanks to strong momentum from the F-150 Lightning.
Ford logo on a steering wheel. F stock

Source: Proxima Studio / Shutterstock.com

Ford (NYSE:F) stock is rising higher on Tuesday as investors react to news of increasing electric vehicle (EV) sales from the automotive company.

According to a Ford press release, the company’s EV sales for September 2022 tripled when compared to the same month in 2021. That had it selling 4,691 EVs during the month, which represents a 197.3% increase.

Leading the Ford EV sales are its F-150 Lightning. The EV has sold a total of 8,760 units since making its debut in June. Adding to that, the Mustang Mach-E saw sales increase by 47.3% year-over-year.

Ford Gains Momentum in the EV Space

Ford notes its increase in EV sales is boosting its market share in the space, which rose by 3.1% in September compared to the same time last year. As a result, it currently holds a 7% share of the EV segment.

Andrew Frick, vice president, Sales, Distribution and Trucks at Ford Blue, said the following in the news release.

“Ford continued to see high-demand vehicles turning at record rates in September, while developing electric truck and van leadership and extending our overall truck leadership.”

Ford stock is seeing decent trading volume today with some 40 million shares on the move. That’s not bad compared to its daily average trading volume of about 67 million shares.

F stock is up 6.7% as of Tuesday morning.

We’ve got everything else investors need to know about below!

That includes the other hot stock market stories moving shares today. For example, EV stocks are rallying, FaZe Clan (NASDAQ:FAZE) stock is falling and Poshmark (NASDAQ:POSH) is taking off today. You can read up on all of that news at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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