Ford Shares Rise Despite Decline in U.S. Auto Sales
On September 2, Ford Motor (NYSE:F) shares rose despite an eighth consecutive month of year-over-year declines in U.S. auto sales for August, which fell by 10.3%. Investors were encouraged by the company's strong production numbers for its highly profitable Super Duty trucks and F-150 pickups, both reaching multi-year highs. The broader market saw modest gains with the S&P 500 rising 0.47% to close at 7,667 and the Nasdaq Composite up 0.45%. Other automakers like General Motors (NYSE:GM) and Stellantis (NYSE:STLA) underperformed Ford during the session. Ford's electric vehicle sales dropped nearly 80%, while hybrid models fell by 20% in August, but these declines were somewhat offset by its pivot into energy storage through a new division called Ford Energy. The company has repurposed some EV assets to capitalize on growing demand for battery technology.
Topics: automotive sales_performance stock_market