Ford (F) reported a 61% year-over-year increase in its second quarter electric vehicle sales, following EV giant Tesla's (TSLA) report of a higher-than-expected increase in second quarter vehicle deliveries. In response, Wedbush analyst Dan Ives raised his price target on Telsa to $300 per share. Morning Brief Anchors Brad Smith and Madison Mills break down the latest developments for Tesla and Ford and what they mean for the stocks moving forward. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Nicholas Jacobino
GM and Ford grew auto sales a bit in Q2, but their EV sales jumped. Ford claimed No. 2 EV spot behind Tesla.
Ford Motor hybrid and all-electric vehicle sales continue to be the standouts in 2024. “Hybrid and electric vehicles are driving growth,” said Ford Blue President Andrew Frick in a news release. Ford makes most of its money selling trucks, according to Freedom Capital Markets’ Mike Ward.