Shares of Ford Motor Co. F, +3.50% hiked up 5.9% toward a 3 1/2-month high in morning trading Wednesday, after the automaker reported a big jump in July vehicle sales in the U.S., despite an overall sales decline for the auto industry.
The company said total sales rose 36.6% from a year ago to 163,943 vehicles, compared with a 10.5% decline for the industry. As part of the total U.S. sales increase, truck sales rose 20.3% to 87,335, with F-Series sales up 21.1% to 63,341; sport-utility vehicle (SUV) sales jumped 69.9% to 73,234, with Explorer sales up 32.4% to 17,673 and Bronco sales up 224.1% to 10,621; and electric vehicle (EV) sales soared 168.7% to 7,669, or three times the rate of the overall EV segment, as Mustang Mach-E sales grew 74.1%. Ford’s stock, which is on track for the highest close since April 20, has run up 10.2% over the past three months, while shares of rival General Motors Co. GM, +3.27% have lost 4.8% and the S&P 500 SPX, +1.56% has eased 1.3%.