Ford Climbs on Demand for F-150 Lightning

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Ford Motor Co. rose greater than 7% after the carmaker’s newest quarterly gross sales outcomes confirmed rising demand for its lineup of electrical automobiles, together with its flagship F-150 Lightning plug-in pickup.

EV gross sales tripled in September as its general deliveries gained 16% within the newest quarter, the corporate reported Oct. 4. Ford stated stock of the brand new Lightning truck stays a median of solely eight days on seller heaps earlier than being snapped up and gross sales of its electrical Mustang Mach-E jumped 47.3%.

“Demand stays sturdy with new retail orders quickly increasing,” Andrew Frick, Ford’s US gross sales chief, stated in a press release.

READ MORE: GM Tops Rival Automakers in Automotive Gross sales as Provide Crunch Eases

Shares of the automaker pared a achieve of as a lot as 7.2% to commerce up 6.8% to $12.25 as of 11:14 a.m. in New York. Normal Motors Co. additionally climbed 7.2% to $35.22 after it posted a 24% achieve in third quarter gross sales on Oct. 3.

Within the newest tally, Ford is thrashing GM within the electrical car race. The Mustang Mach-E bought greater than 28,000 models as of Sept. 30, outselling the Chevy Bolt and small numbers of Hummer and Cadillac EVs thus far this yr by about 5,000. Add within the 8,760 electrical Lightning pickups Ford has bought since June and the automaker is solidly in second place within the EV race, behind market chief Tesla Inc.

Ford’s gasoline-electric hybrid fashions, led by the F-150 hybrid and Maverick compact pickup, are also in excessive demand, with the producer’s hybrid gross sales up 22.6% thus far this yr. Ford stated it acquired 86,000 orders for Maverick final month when order banks had been solely open for one week for the brand new mannequin.

The EV momentum is an early signal that CEO Jim Farley’s $50 billion guess on electrifying Ford’s lineup is beginning to repay. He has accelerated the automaker’s swap to battery-powered automobiles and has pledged to be constructing 2 million EVs a yr by the top of 2026.

Shares within the automaker have been unstable these days, plunging essentially the most in 11 years final month after it revealed provide chain shortages would add $1 billion to prices within the third quarter. Ford’s inventory is down about 41% this yr.