Ford Motor Co. (NYSE: F) shares were on an upswing in early morning trading on Tuesday as the automobile major delivered upbeat EV sales numbers for the month of September.
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The automobile major’s electric vehicle (EV) sales numbers soared by 197.3% to 4,691 vehicles. Ford also continued to grab market share when it comes to EVs, with a 7% market share in September, up 3.1% year-over-year.
However, Ford’s total vehicle sales declined by 8.9% year-over-year to 142,644 in September.
Andrew Frick, VP, Sales, Distribution & Trucks, Ford Blue commented, “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. Demand remains strong with new retail orders rapidly expanding.”
Ford’s F-150 Lightning continued to be the company’s best-selling electric pickup with sales of 1,918 vehicles, while E-Transit was its best-selling electric van in September with sales of 449 vehicles.
Sales of the Mustang Mach-E jumped 47.3% year-over-year in September to 2,324 vehicles.
Is Ford Stock a Buy Sell or Hold?
Analysts are cautiously optimistic about Ford stock with a Moderate Buy consensus rating based on five Buys, nine Holds, and one Sell.
The average price target for Ford stock is $16.16 with upside potential of 32.7% at current levels.
