Ford Motor Co.’s (F) third-quarter electric vehicle (EV) sales rose 12.2% from a year earlier, although the Detroit automaker’s total sales for the quarter increased only 0.7%.
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The company attributed the quarterly sales gain to ongoing demand for its pick-up trucks, as well as an upsurge in demand for its electric vehicles. However, Ford’s EV sales still trailed its main rival General Motors (GM), which saw a 60% year-over-year increase in sales of its electric vehicles during Q3.
General Motors has been steadily increasing its number of electric vehicles, and that commitment is bearing fruit.
An Older Electric Vehicle Model
In a move that demonstrates Ford’s commitment to electric vehicles, a recent exhibition of sorts gave users some hope. Electric vehicles are not actually new. Back in 1913, there were electric cars; the Detroit Electric, as it is known, was one of those very cars. And recently, noted a report in Clean Technica, one of these was being spotted being towed to an exhibition by no less than a Ford F-150 Lightning.
As if that weren’t noteworthy enough, the tiny motorcade was followed up by a third electric vehicle, and one from Ford again at that: an Explorer EV. The motorcade took the Detroit Electric to the 10th European Conference on Sustainable Cities and Towns, which would serve as a concrete, tangible underscoring to the group’s overall efforts for sustainability.
Is Ford Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on F stock based on five Buy, nine Hold and one Sell recommendation assigned in the past three months, as indicated by the graphic below. The average F price target of $13.11 per share implies 24.86% upside potential.
