Ford said electric vehicle sales rose 18.5% from last year over January, thanks to better take-up of its F-150 and Explorer hybrids. That compares to an 8.3% slide in overall sales, which fell to 143,578 units when compared to the first month of last year.
“January embodies the continued momentum we see for 2021, thanks to a new lineup of must-have products, including F-150, Bronco Sport, Mustang Mach-E and later this year – Bronco," said Andrew Frick, Ford's vice president for U.S and Canada sales. "We’re seeing customers and dealers excited about the new content and features we’re offering, and we look forward to delivering for them.”
Ford shares were marked 2.35% higher in early trading Wednesday and changing hands at $11.11 each, extending their six-month gain to around 66%.
Shares in the carmakers have been rising on the back of renewed optimism for its EV drive amid a broader clean-energy push from the new administration of President Joe Biden.
TheStreet's founder, Jim Cramer, says investors need to "be ready for more stringent environmental regulations that push people into electronic vehicles .. and I'm increasingly drawn to Ford, because they're electrifying the F-150 and they have a nice investment in Rivian, the electric truck developer."
Democratic control of the Senate should support the broader electric vehicle sector, as did the appointment of former Michigan Governor Jennifer Granholm as Energy Secretary by President Biden late last year.
Biden has promised to build 550,000 electric vehicle charging stations while creating some 1 million new jobs through investment in clean energy research.
Granholm, who has close ties to the auto sector following her two terms as Governor, will need Senate confirmation to take up her post and work alongside Transportation Secretary appointee Pete Buttigieg.