Tesla, Ford Lead Latest U.S. Automakers Surge
July 15, 2013—America’s oldest car company, Ford Motor Co., and its youngest, Tesla Motors, both reached 100-week highs yesterday, the latest in a long list of signs suggesting the U.S. auto industry is “hot,” according to Bloomberg News.
Ford closed at $16.84 per share on Wednesday, putting it on pace for its best year since 2007.
Tesla, an electric-vehicle maker, closed July 9 at a record $123.45 but has said results for the quarter that ended June 30 may not be as favorable, in part because of a drop in sales of California zero-emission credits.
The S&P 500 rates its Automobiles & Components Index, which includes GM, Ford and five parts-makers, as the best performer out of the 24 industries it covers.
Many attribute the market’s success to historically low interest rates and newly competitive compact and family cars, which have put new vehicle demand at its highest level since before the recession.