2023 Ford F-150 Raptor R
DETROIT — Ford Motor’s stock on Monday added to its best month since the Great Recession in 2009, signaling a major swing for the Detroit automaker this yr.
Shares closed Monday at $15.34, up 4.4%. The positive aspects added to the stock growing by 31.9% in July. It was the best month-to-month share achieve for Ford shares since 127.4% in April 2009, when Ford was rising from the Great Recession with out going by way of chapter like its crosstown rivals General Motors and then-Chrysler.
Ford’s stock efficiency in July was pushed by a gentle stream of product-related bulletins, together with that it has secured battery provides for its upcoming electrical autos, in addition to a 14.6% improve final week amid the firm reporting second-quarter outcomes that beat Wall Street’s expectations.
Ford final week additionally reiterated its earlier steering for the full yr and stated that it’s going to improve its quarterly dividend to fifteen cents per share, the quantity it paid earlier than the Covid-19 pandemic.
Ford considerably outperformed GM, which was up by 14.2% final month, in addition to different U.S.-listed automakers akin to Stellantis, which was up 16.3%, Ferrari, up 15.1%, and Toyota Motor, up 5.5%. It did not outperform others akin to Rivian, which was up 33.3% final month, and Tesla, up 32.4%.
Ford’s stock stays off by about 26% in 2022, after being the high progress stock amongst U.S.-listed automakers final yr.
— CNBC’s John Rosevear and Michael Bloom contributed to this report.