Ford’s rally to 2024 highs led Friday’s resurgence among American automaker stocks, as several friendly factors boosted the legacy automakers and newer electric vehicle players like Tesla alike.Ford stock rose 4.2% to $14.03, closing at its highest share price since July 20, 2023, while General Motors gained 2.3% to $49.01, closing at its top level since Feb. 16, 2022.
The Michigan-based stalwarts’ stock market gains were part of a broader rally in the wake of Thursday’s promising inflation data which accelerated hopes for lower interest rates, as the S&P 500 rose 0.6% to near an all-time high. Shares of Tesla, which is by far the largest car company by market capitalization at $780 billion, also rose 3% Friday, closing about 5% of its 9-month high share price set Wednesday.
Much smaller EV makers Rivian and Lucid staged even steeper rallies, perhaps owing to their more volatile nature, with RivianSeveral notable automakers abroad rose in earlier Friday trading, including Toyota , Tesla rival BYD and Volkswagen .We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines.