Ford, Tesla report EV sales boost: Could EV demand rebound?

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

Video transcript

Auto sales.

Giving big EV energy for it is the latest to reported second quarter results, seeing a 1% year to year rise in total sales and EV sales jumping 61%.

This, of course, follows solid reports from Tesla and GM earlier in the week.

Tesla ticking higher today after friend of the show we analyst Dan Ives raised his price target on the stock to $300 a share.

There you're seeing shares of Tesla higher by about 3.4% here in the early innings of today's activity here.

But we should also note that it really comes in a period where there was so much concern coming into these prints that it was almost just this massive weight and perhaps pushing down some expectations, limiting expectations and companies essentially coming out and saying, no, there's there's still a fair bit of, uh, of fodder out there in terms of the consumers that are willing to get into landscape, for Tesla's sake and then for Ford, this is a big deal, especially as they've kind of moderated their own plans within their own development.

Thinking about the Ford Blue business versus the Ford ice business as well.

Historically, yeah, it's interesting, too, given what we've seen from some of the other analysts ahead of the deliveries numbers that we got out of Tesla.

In particular, this note stood out to me from Citi, saying they recommended buying Tesla August 24th, 195 dollar calls ahead of three upcoming catalyst They list, of course, the vehicle deliveries that we just got quarterly earnings for Tesla expected coming up on July 19th.

We've got the upcoming Robo Taxi Day on August 8th.

That's obviously going to be a closely watched event for investors.

And then, in general, that could all lead to some catalyst for the stock while we await robo taxi news from the company.

And, of course, as we get some more information from in the upcoming earnings print but also, to your point Brad and taking a look here at what we saw not just from we Bush but also from Bank of America John Murphy saying that deliveries were better than consensus expectations and notably better than investors had expected.

So also seeing just some additional positive sentiment over the idea that those deliveries did come in better than expected.

Interesting to me, though, given that we still saw those head ones, particularly coming out of China, and the degree to which EV makers on Chinese soil are still having the majority of market share in Beijing.

But still, that didn't impact that headline number, and I guess that's what the street is focused on, particularly to put a name on it.

They, they absolutely are continuing to not just take market share but potentially be a market share leader for an extended period of time, too.

That compared to what Tesla and the inroads that they've tried to develop within that region, bringing to reach to that region in Shanghai and then also ensuring that they could try and put even more of that mass market model three in the region as well.

Now Ford has also been trying to do the same with, of course, making sure that they've got a lightning that is available essentially internationally and specific models region by region here.

It was interesting to see within this filing that the vans actually lead in Q two.

However, hybrids grew 56% EVs were up 61%