EV Sales Surge Propels Ford to Start Summer

Ford Motor Company (NYSE:F) is a Detroit-based company that is engaged in the development, delivery, and servicing of Ford trucks, commercial cars and trucks, sports utility vehicles, and Lincoln luxury vehicles around the world. Shares of Ford have jumped 6.9% month-over-month as of close on Wednesday, July 3, 2024. Ford enjoyed an uptick following the release of its second quarter (Q2) fiscal 2024 earnings.

Sales at Ford rose 1% year-over-year in Q2 2024. That was fueled by 5% sales growth in its truck segment. Ford truck sales, which includes pickups and vans, was reported at 308,920 vehicles in Q2 2024. That was the best second-quarter performance for Ford in that category since 2019.

Ford electric vehicle (EV) sales reached 23,957 in Q2 2024. That was up 61% compared to the previous year. The company stated that its EVs, particularly the Mustang Mach-E and F-150 Lightning, had continued to draw new customers to the automobile manufacturer and dealer. Meanwhile, sales of hybrid vehicles climbed 56% year-over-year to 53,822.

The modest EV sales at Ford and competitors like General Motors have managed to outpace expectations for the broader market.

Shares of Ford currently possess a favourable price-to-earnings ratio of 13 at the time of this writing. Meanwhile, it offers a quarterly dividend of $0.15 per share. That represents a 4.6% yield. Ford is a company that is worth watching as it continues to make ground in the burgeoning EV space.

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