Ford Motor (F) announced Friday it will increase production of key electric vehicles as well as popular hybrid and gas cars “to meet strong customer demand.” Ford stock rallied along with other automakers, including Stellantis (STLA), General Motors (GM) and Volkswagen (VWAGY).
Those electric vehicles (EVs) include Ford’s Mustang Mach-E crossover, F-150 Lightning truck and E-Transit van. The gas and hybrid vehicles include Ford’s Bronco Sport and Maverick.
Ford said it began increasing production of the Mustang Mach-E, a Tesla (TSLA) Model Y rival, this week.
Production of the F-150 Lightning will resume March 13, it added. That comes roughly a month after the auto giant stopped production due to a battery fire.
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Shares of Ford popped 4.2% to 13.08 on the stock market today. Ford stock is recovering after a post-earnings slide, but back above its 200-day moving average and flashing some early entry signals. The chart shows a 29-week double-bottom base.
Ford last month gave tepid 2023 guidance after a fourth-quarter earnings miss. It cited “execution issues” due to supply chain and production challenges, which raised costs and lowered delivery volumes.
Volkswagen stock punched up 9.6% Friday after predicting easing chip shortages would fuel a sales surge. The move topped a 19.23 buy point in a bottoming base.
Stellantis rose 2.6% after RBC Capital markets moved shares to a buy rating, calling it “our favorite mass-market OEM.” Shares are climbing the right side of a 13-month base.
GM stock advanced 3.7% to 41.01. Ferrari (RACE) climbed 2.6% to 271.45, just topping a 270.45 buy point.
On Friday, Ford added that Bronco Sport and Maverick production is targeted to increase by more than 80,000 units this year.
Production of the F-150 Lightning is on track to triple this year, targeting an annual production run rate of 150,000 by end of 2023, Ford said. Ford stock is up more than 190% since the start of the year.
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