Ford Motor Company (NYSE: F ) says its U.S. sales fell 10% (year over year) in October as it continued to grapple with supply constraints. Shares will continue to trade on Wednesday.
Why is Ford stock in the green this morning?
That price change is based entirely on the F-150 Lightning, its all-electric pickup truck that had record sales of 2,436 last month, according to a press release.
To date, Ford has sold approximately 47,500 electric vehicles, representing approximately 3.0% of total sales. Most of them were Mustang Mach-Es.
A week ago, the Detroit automaker reported a significant loss for its fiscal third quarter and said it has about 40,000 vehicles that have been built but not yet delivered due to parts shortages. He expects to run out of stock by the end of the year.
Still, the legacy automaker reiterated on Wednesday that demand remains strong in the face of high interest rates, persistent inflation and fears of a recession. Including the response to the monthly sales report, which Invezz also covered in October, Ford shares are now up about 20% from recent lows.
Ford stock is up about 20% in the past month.
Ford’s results were much weaker than the industry overall
In October, US sales totaled 158,327, compared to 176,000 a year ago. Last month was the second in a row for Ford, whose sales have risen year-on-year.
Also notable is the fact that Ford Motor Company had a weak October, even though Edmunds said industry-wide sales rose 9.1% last month.
The news comes a week after the multinational lowered its full-year adjusted EBIT outlook but raised free cash flow (adjusted) guidance. Ford now expects $11.5 billion in adjusted operating profit and up to $10 billion in adjusted free cash flow this year.
Wall Street continues to recommend buying Ford stock and sees an average price of $14.63, up another 10% here.
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