TECH - Jim Cramer Sees A 'Breakout' For This Tesla Rival As Hybrid Sales Surge: 'I'm Urging People To Get Long This Thing' | Benzinga
Ford Motor Company (NYSE:F) has reported a significant increase in its monthly hybrid vehicle sales. This has caught the attention of investors and analysts, including CNBC’s Jim Cramer, who sees a potential investment opportunity in the automaker’s stock.
What Happened: On Monday, Tesla Inc rival Ford announced a remarkable 31.5% year-over-year surge in hybrid vehicle sales, further validating the success of its strategic shift. This news has driven Ford’s stock prices up by as much as 4%, reported CNBC.
Despite a challenging year for EVs, Ford’s EV sales also saw an 80% increase. This growth is particularly significant given the previous year’s production inconsistencies. Traditional internal combustion engine (ICE) vehicle sales also rose by 7.5%, contributing to an overall 10.5% increase in Ford’s vehicle sales for the month.
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Jim Cramer, a prominent figure in the financial world, believes that the surge in hybrid sales could be ...