On Friday, FoMoCo’s stock hit above $16 in New York trading, the first time it passed the figure in 6 years. The Dearborn automakers shares completed a 15 percent gain for the week after the automaker reported a U.S. sales increase.
Ford’s stock went up 2.2 percent, or 35 cents, to $16.21 at 4 pm on the New York Stock Exchange composite trading, the highest closing price since June, 2004.
Earlier this week, Ford reported October sales increase of 15 percent as demand for pickups, SUVs and passenger cars increased. The company’s shares have gained for five straight days and have risen 62 percent this year.
FoMoCo increased its U.S. market share last month as industry sales reached 12.3 million, the fastest of the year. The automaker captured 16.7 percent of the market in the first 10 months of the year, up from 15.2 percent a year earlier.
– By: Omar Rana
Source: Automotive News (Subscription Required)