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Ford's China Sales Jump - Cramer Says Ford Is His Fave Auto Stock

Ford says sales in China jumped despite of the worldwide chip shortage.

Ford  (F) - Get Ford Motor Company Report said Friday that it sold more than 306,700 vehicles in Greater China in the first half of 2021, up 24% year-over-year, as the vehicle maker racked up sales in the world's largest auto market despite the global semiconductor shortage.

Shares of the Dearborn, Mich., company were up 2.7% to $14.44 at last check.

Ford said the growth came despite the global semiconductor shortage, which bit into Ford sales in Greater China in the second quarter. Sales totaled about 152,900 units, down 3.6% year-over-year.

Last month, Ford said it was halting production at the Michigan factory that recently began building its Bronco SUV for a lack of parts, while curtailing production at eight additional factories due to the chip shortage.

Sales of Lincoln luxury vehicles surpassed 42,200 units, up 111%, while Ford brand SUV and Transit commercial vehicle sales exceeded 57,900 units and 26,800 units, respectively, up 36% and 23% year-over-year.

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During his "Mad Dash" segment Friday on CNBC's "Squawk on the Street," TheStreet's Jim Cramer said Ford remains his number one pick, adding that the company's vehicles are "almost impossible to get."

The company introduced six new vehicles including, the new Ford EVOS, Escape PHEV, Escort, 2021 Mustang, Lincoln Zephyr Reflection preview car and Lincoln Corsair PHEV.

Ford said its electrification push in China continues with the locally built Mustang Mach-E and the inauguration of the company’s first 10 direct-to-customer electric vehicle storefronts in the second quarter.

The company it is planning additional storefronts to offer Ford electric vehicles – starting with Mustang Mach-E – to customers in top metropolitan areas across the country.

“Ford is focused on offering the right mix of world-class vehicles and services to our customers in China and on continuing the momentum and growth of our business,” Anning Chen, president and CEO o Ford China, said in a statement.

Last week, Ford reported record sales of electrified vehicles over the first half of the year. The company said in June that its current-quarter earnings will exceed forecasts.

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