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Ford outperformed numerous automobile manufacturers in July, including Toyota, Ferrari, and Stellantis.
Automobile manufacturer Ford Motor Company (NYSE: F) attained its best month in July 2022 since the Great Recession between 2007 and 2009. In addition to recording the remarkable month, the car company added more gains as August started on Monday. The strong report shows that Ford is moving at a positive pace this year.
On Monday, August 1st, shares of Ford Motor Company closed up 4.42% to $15.34. The company’s shares moved to trade up 0.20% to $15.37 in extended trading. Ford surged by 31.9% in July 2022, representing its best monthly percentage gain since April 2009. At the time, the automobile manufacturer advanced by 127.4% as it emerged from the Great Recession, which mainly affected the whole of America. Unlike its rivals like General Motors (NYSE: GM) and the then-Chrysler, Ford managed to survive the period without going through bankruptcy.
Reports showed that the company’s consistent product-related announcements fueled the Ford July 2022 gains. During the month, the carmaker told investors that it had secured the battery supplies required for its coming electric vehicles (EVs). This came after CEO Jim Farley said the company plans to challenge Tesla. Farley revealed in April that Ford has “every intention” to become the top EV pickup maker globally.
“We plan to challenge Tesla and all comers to become the top EV maker in the world. That’s something that no one would have believed just two years ago from us. They’re going to look at his truck and believe it,” said he.
Battery Supplies Announcement and 2022 Q2 Earnings Pushes Ford Stock in July
Last month, the car company announced that it has 100% of the battery supplies for its EVs. Furthermore, the company’s stock jumped 14.6% after it reported an impressive Q2 2022 financial result despite supply chain constraints. The product-related announcements and the last week’s gains contributed to Ford’s best month since the Great Recession.
Also, Ford has decided to up its quarterly dividend to what it was before the coronavirus pandemic. While announcing its Q2 earnings, the company raised its quarterly dividend to 15 cents per share. Interestingly, Ford outperformed some automobile manufacturers in July, including Toyota (NYSE: TM), Ferrari (NYSE: RACE), and Stellantis (NYSE: STLA). Over the past month, Toyota Motor Company gained 7.27%, Ferrari increased 13.45%, and Stellantis added 17.90%. However, it did not catch up with Tesla (NASDAQ: TSLA) and Rivian (NASDAQ: RIVN). Tesla was up 32.4% last month, while Rivian was up 33.3%.
Ford stock has been increasing over the past year, except for a declining 26.14% in its year-to-date record. The shares of the automobile company jumped 10.28% over the past year and increased 7.50% in the last three months. In the last five days, Ford stock has spiked 19.47%.