Ford ( F ) reported a 61% year-over-year increase in second-quarter electric vehicle sales, after EV giant Tesla ( TSLA ) reported a higher-than-expected increase in vehicle deliveries in the second quarter . In response, Wedbush analyst Dan Ives raised his price target for Telsa to $300 per share.
Morning Brief anchors Brad Smith and Madison Mills share the latest developments for Tesla and Ford and what they mean for the stock moving forward.
For more expert insights and the latest market action, click here to watch this full episode of Morning Brief.
This post was written by Nicholas Jacobino
Video Transcript
Car sales.
Giving electric vehicles a big boost is its latest reported second-quarter results, seeing a 1% year-over-year increase in total sales and EV sales growing 61%.
This, of course, follows solid reports from Tesla and GM earlier in the week.
Tesla rose today after friend of the show analyst Dan Ives raised his stock price target to $300 per share.
Here you’re seeing Tesla shares up about 3.4% here in early trading today here.
But we also have to point out that it actually comes in a period where there was so much concern going into these prints that it was almost just this massive weight and maybe lowering some expectations, limiting expectations and companies basically coming out and saying, no, there’s still some fodder out there in terms of consumers willing to enter the landscape, for the sake of Tesla and then for Ford, that’s a big deal, especially since they’ve kind of moderated their plans within their development .
Thinking about the Ford Blue business versus the Ford ice business as well.
Historically, yes, it’s also interesting, given what we’ve seen from some of the other analysts prior to the shipment numbers that we got from Tesla.
In particular, this note from Citi caught my eye, saying they recommended buying Tesla on August 24, $195 calls ahead of the next three catalysts. They list, of course, the vehicle shipments that we just received quarterly earnings for Tesla that are expected to come in July. 19.
We have the next Robo Taxi Day on August 8th.
This will definitely be a closely watched event for investors.
And then, overall, all of this could lead to a catalyst for the stock as we wait for robo-taxi news from the company.
And, of course, as we get more information from the upcoming earnings print, but also, for your opinion Brad and taking a look here at what we saw not only from us Bush, but also from Bank of America John Murphy saying that shipments were better than consensus expectations and notably better than investors had expected.
So seeing some additional positive sentiment on the idea that those shipments came in better than expected.
Interesting to me, though, given that we still saw the flagships, especially coming from China, and the extent to which EV manufacturers on Chinese soil still have the majority of market share in Beijing.
But still, it didn’t affect the title number, and I think that’s what the route is focused on, especially to give it a name.
They, they absolutely continue to not only take market share, but potentially be a leader in market share for a long period of time as well.
That compares to what Tesla and the interventions that they’ve tried to develop within that region, bringing to reach that region in Shanghai and then also ensuring that they can try and deploy even more of that mass market model three in the region as well.
Now Ford has also tried to do the same, of course, by making sure they have a Lightning that’s basically available internationally and region-by-region specific models here.
It was interesting to see in this file that vans actually lead in Q two.
However, hybrids grew 56% EVs grew 61%