3 Auto Stocks Going Places: Ford and GM Surge on Big Gains, Tesla Sits this One Out
Ford Motor Co. (NYSE:F): Unit sales grew 12.2 percent during August over the same period last year to 221,270 versus estimates that called for a 10 percent gain. The Ford nameplate rose 12.7 percent while Lincoln sales were able to creep 0.6 percent higher, and trucks surged 18.4 percent while Utilities fell by 0.2 percent. Cars grew a healthy 17.5 percent. Retail sales saw their highest surge since 2006.
General Motors (NYSE:GM): GM is coming off the best month the company has had since 2008 — sales rose 14.7 percent over the same period last year. Crossover sales grew 34 percent, full-size pickups saw 15 percent gains, large SUVs rose an impressive 29 percent, and passenger cars swelled 8 percent for increases across the board. The Chevrolet Volt, Chevrolet Spark, Chevrolet Sonic, Cadillac XTS, and Buick Verano all set respective sales records.
Tesla Motors (NASDAQ:TSLA): Despite a strong performance by the Chevy Volt in August, Tesla shares are trading down. “The EV segment has become so promotional,” Seeking Alpha points out, ”that it’s a bit tricky to equate the sales leap to underlying demand.” Indeed, Tesla has been the only holdout to not pare back its pricing, though this has not historically shown to be detrimental to the appetite for the premium car company’s products.