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 significant swing for the automaker this year.
Shares of the Detroit automaker closed Monday at $15.34, up 4.4%. Share-added gains rose 31.9% in July — marking the best monthly percentage gain for Ford’s stock since 127.4% in April 2009, when the automaker emerged from the Great Recession without going bankrupt like its predecessor. rivals General Motors and then Chrysler.
Ford’s inventory performance last month was driven by a steady stream of product-related announcements, including securing battery supplies for its upcoming electric vehicles, as well as a 14.6% increase last week, amid the company’s second-quarter results. reported that exceeded Wall Street’s expectations.
Ford also last week reiterated its previous full-year outlook, saying it will increase its quarterly dividend to 15 cents a share, the amount it paid before the Covid-19 pandemic.
Ford significantly outperformed GM, which rose 14.2% last month, as did other US-listed automakers such as Stellantis (16.3% up), Ferrari (15.1% up) and Toyota Motor (+5.5%). ). It didn’t outperform others like Rivian, up 33.3% last month, and Tesla, up 32.4%
Ford’s stock will lag about 26% in 2022, having been the top growth stock among US-listed automakers last year.
– CNBCs John Rosevear and Michael Bloom contributed to this report.