NEW YORK (TheStreet) -- Ford Motor Co. (F) stock is increasing 0.42% to $13.11 in early afternoon trading on Thursday after the Dearborn, MI-based automaker reported a year-over-year rise in European sales for the first quarter of 2016.

Ford's sales increased 8.4% with 401,200 vehicles sold in 50 European markets, including Germany, Britain, Russia and Turkey.

The quarterly sales boosted the company's European market share by 0.3 percentage points to 8%, Ford said in a statement.

Sales growth was driven by commercial vehicles as well as SUVs. Commercial vehicle sales increased 14.4% to 80,900 units for the quarter, while Kuga SUV sales were up 23% to 30,700 vehicles and sales of the EcoSport SUV gained 50% to 14,600 units.

Ford estimates SUV sales will grow by 30% this year, surpassing the 200,000 sales mark in Europe for the first time.

(Ford is held in the Dividend Stock Advisior portfolio. See all of the holdings with a free trial.)