2023 Ford F-150 Raptor R
DETROIT — Ford Motor’s stock added Monday to its best month since the Great Recession of 2009, signaling a major swing for the automaker this year.
Shares of the Detroit automaker closed Monday at $15.34, up 4.4%. Gains added to the stock rose 31.9% in July – marking the best monthly percentage gain for Ford shares since 127.4% in April 2009, when the automaker emerged from the Great Recession without going bankrupt like its crosstown rivals then General Motors – Chrysler.
Ford’s stock performance last month was driven by a steady stream of product-related announcements, including securing battery supplies for its upcoming electric vehicles, as well as a 14.6% rise last week. as the company reported second-quarter results that beat Wall Street expectations.
Ford also reiterated its previous full-year guidance last week and said it would raise its quarterly dividend to 15 cents a share, the amount it was paying before the Covid-19 pandemic.
Ford significantly outperformed GM, which rose 14.2% last month, as well as other US-listed automakers such as Stellantis (up 16.3%), Ferrari (up 15, 1%) and Toyota Motor (up 5.5%). It failed to outperform others like Rivian, which rose 33.3% last month, and Tesla, up 32.4%.
Ford’s stock remains down about 26% in 2022, after being the top growth stock among U.S.-listed automakers last year.
–CNBC John Rosevear and Michael Bloom contributed to this report.