Ford Motor Co. shares surged nearly 10% after the automaker reported stronger-than-expected third-quarter results, offering a rare bright spot in an industry facing rising costs and slower EV adoption. The company posted revenue of about $47 billion, surpassing Wall Street’s estimate of $43 billion, while adjusted earnings per share came in at $0.45 versus expectations of $0.36. That performance was largely driven by continued strength in Ford’s traditional truck and hybrid lineup, as well as improved cost controls across its North American operations.

CEO Jim Farley emphasized that Ford’s strategy now hinges on a balanced approach scaling EV production gradually while maintaining profitability in core segments like pickups and SUVs. The company’s electric vehicle unit still posted losses but showed improvement in margins due to lower battery costs and operational efficiency. Ford’s reaffirmation of its full-year guidance added to investor confidence, especially at a time when many automakers have trimmed forecasts due to higher interest rates and consumer hesitancy around EV prices.