Ford Motor stock hit its best month since the Great Recession, advancing nearly 32% since its 127.4% surge in April 2009.
Shares closed Monday at $15.34, up 4.4% for a total increase of 31.9% in July. It was the best monthly percentage gain for Ford shares since 127.4% in April 2009.
A number of product-related announcements, including an announcement that the Detroit automaker had secured batteries for its upcoming electric vehicles, and a 14.6% increase in second quarter earnings led to the stock increase.
Ford also announced plans to increase its quarterly dividend to 15 cents per share, the amount it paid before the COVID-19 pandemic.
Ford outperformed GM, which saw a 14.2% increase last month as well as other automakers including Stellantis, which was up 16.3% and Toyota Motor, which was up 5.5%. However, Rivian and Tesla bested Ford, rising 33.3% and $32.4 in July respectively.
Still, Ford stock remains off by around 26% for 2022, after being the top growth stock among U.S. automakers in 2021.
Originally posted on Auto Dealer Today