Shares of Ford hit a six-year high on Thursday, jumping as much as 7% following its May sales report.The company said it saw a 184% surge in electric vehicle sales, in part driven by the Mustang Mach-E.Ford is up as much as 80% year-to-date as investors reward its jump into electric vehicles.
The company’s EV strategy appears to be paying off following the release of its Mustang Mach-E and unveiling of the F-150 Lightning pickup truck. May sales for the 117 year-old automaker jumped 4% year-over-year to 161,725 vehicles.
Ford’s EV sales saw a 184% spike to 10,364 units in May, and signs are building that the company could be slowly taking market share away from Tesla. The electric version of Ford’s Mustang topped car sales for the small but influential EV market in Norway in May. Ford’s EV sales in Norway edged out EVs from both Toyota and Tesla.