Shares of Ford Motors and General Motors jumped on Tuesday, raised by investor sentiment about their future electric pickup offerings.
Ford shares rose more than 11% to its highest level since 2001 after the Detroit-based automaker announced it would double production capacity for its red-hot F-150 Lightning electric pickup to 150,000 vehicles.
GM shot up 7.3% a day ahead of its public debut of the Chevrolet Silverado electric pickup, which is scheduled to go on sale early next year. GM CEO Mary Barra will unveil the Silverado EV at the Consumer Electronics Show in Las Vegas.
On the other hand, Tesla’s announcement on Sunday that it had delivered 308,600 vehicles in the fourth quarter, surpassing analyst forecasts of 263,026, has also fueled enthusiasm for electric vehicles, which are now one of the hottest investments on Wall Street. Tesla shares jumped more than 13% on Monday but lost 4.4% on Tuesday.
Ford has now gained nearly 17% in two days, a strong opening to the year after climbing 136% in 2021. GM has increased 12% in two sessions, adding to its 41% gain in 2021.
GM’s strong performance came even after Japanese automaker Toyota Motor Corp. posted data showing it had overtaken GM in the U.S. last year, the first time the Detroit-based automaker has failed to top U.S. auto sales for a full year since 1931.
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