Ford Motor Company (NYSE: F) stock jumped more than 2% on Monday after the company reported a 10.5% increase in U.S. sales for February.
Ford (F), the renowned American automaker, announced a significant surge in U.S. sales for February, marking a notable 10.5% increase. According to figures reported by ReutersReuters, the company’s total sales reached 174,192 units, a notable rise from the previous year’s tally of about 157,606 units.
The U.S. automaker highlighted the robust performance of its hybrid vehicle segment, stating,
“Hybrid vehicles continue to be a growth segment for Ford, and sales have grown at a faster rate than the overall U.S. industry for much of the last year.”
The sales of hybrid vehicles soared by an impressive 32% year-over-year, reaching a total of 12,045 units. SUV sales also jumped around 22% year-over-year, totaling 76,403 units.
Ford noted its strategic pivot towards high-margin hybrid and gas-powered vehicles, citing softer demand for EVs compared to initial forecasts.
The U.S. automaker recently announced price cuts for its Mach E vehicles and revealed plans to streamline production operations at its Michigan Rouge Electric Vehicle Center, transitioning to a single shift starting April 1.
Ford (NYSE: F) Stock Price Action
Ford stock gained 2.33% to close at $12.74 on Monday. The traders had exchanged hands with 81,794,339 (81.79 million) shares compared to the average daily trading volume of 54.98 million.
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