Jim Cramer Sees A 'Breakout' For This Tesla Rival As Hybrid Sales Surge: 'I'm Urging People To Get Long This Thing'

Ford Motor Company (NYSE:F) has reported a significant increase in its monthly hybrid vehicle sales. This has caught the attention of investors and analysts, including CNBC’s Jim Cramer, who sees a potential investment opportunity in the automaker’s stock.

What Happened: On Monday, Tesla Inc rival Ford announced a remarkable 31.5% year-over-year surge in hybrid vehicle sales, further validating the success of its strategic shift. This news has driven Ford’s stock prices up by as much as 4%, reported CNBC.

Despite a challenging year for EVs, Ford’s EV sales also saw an 80% increase. This growth is particularly significant given the previous year’s production inconsistencies. Traditional internal combustion engine (ICE) vehicle sales also rose by 7.5%, contributing to an overall 10.5% increase in Ford’s vehicle sales for the month.

See Also: Rivian Getting Major Catalyst With Leasing? New Q4 Data, Leasing Growth For EVs Say Yes

Jim Cramer, a prominent figure in the financial world, believes that the surge in hybrid sales could be a turning point for Ford. He predicts further sales growth in March and April, urging investors to consider buying the stock. "I'm urging people to get long this thing ahead of a move to $15," Jim said.

Ford CEO Jim Farley has previously stated that he expects the hybrid segment to grow by 40% in 2024. This forecast aligns with Ford’s plans to double the production of its F-150 hybrid pickup, a move intended to offset losses in its Model e EV business.

Why It Matters: Ford’s impressive sales figures come at a time when the company is making significant strategic moves. In February, Ford granted its EV customers access to Tesla’s Supercharger network, a move that significantly expanded its charging infrastructure. This decision was seen as a bold step in the EV market.

However, Ford’s success in the hybrid market also comes amid a backdrop of intense competition from Chinese EV manufacturers, who are rapidly outpacing their western counterparts in innovation and production speed. This competition could pose a threat to Ford’s future growth in the EV market.

Read Next: Elon Musk Responds To Tesla Driver’s Call For Apple Watch Unlocking Option After Trouble Over Dead Phone

Ford cars outside a dealership. Photo via Shutterstock