Ford stock pops, Volkswagen jumps as industry sees lighter headwinds

Ford engine (f) announced on Friday that it would ramp up 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).

X

These electric vehicles (EVs) include Ford’s Mustang Mach-E crossover, the F-150 Lightning truck, and the E-Transit van. Gas and hybrid vehicles include Ford’s Bronco Sport and Maverick.

Ford said it has started ramping up production of the Mustang Mach-E, a Tesla (TSLA) Model Y rival, this week.

Production of the F-150 Lightning will resume on March 13, he added. That comes about a month after the auto giant halted production due to a battery fire.

IBD Live: A new tool for daily stock market analysis

Ford stock

Ford shares are down 4.2% to 13.08 in the stock market today. Ford stock is recovering after sliding post-earnings but is back above its 200-day moving average and is flashing some early entry signals. The chart shows a 29-week raised floor basis.

Ford last month gave lukewarm guidance for 2023 after failing to match fourth-quarter earnings. It cited “execution issues” due to supply chain and manufacturing challenges that increased costs and reduced shipment volumes.

Volkswagen shares rose 9.6% on Friday after forecasts that an easing of chip shortages would fuel a surge in sales. The move surpassed a buy point of 19.23 in a bottoming base.

Stellantis rose 2.6% after RBC Capital Markets upgraded the shares to a buy rating and called it “our favorite mass-market OEM.” The shares are climbing to the right side of a 13-month basis.

GM shares rose 3.7% to 41.01. Ferrari (RACE) climbed 2.6% to 271.45, just surpassing a buy point of 270.45.

On Friday, Ford added that Bronco Sport and Maverick production is expected to increase by more than 80,000 units this year.

Production of the F-150 Lightning is set to triple this year, targeting an annual production rate of 150,000 by the end of 2023, Ford said. Ford stock is up more than 190% year-to-date.

YOU MAY ALSO LIKE:

These are the 5 best stocks to buy and watch right now

Stocks to watch: Prime IPOs, big caps and growth stocks

Find the latest stocks entering the buy zone with MarketSmith

Market Roars Back: What You Should Do Now; 7 stocks near buy points