Ford stock slumps after November vehicles sales drop, as truck and SUV declines offset a doubling in EV sales

Shares of Ford Motor Co.
F,
-1.56%
shed 1.6% in morning trading Friday, after the automaker reported a 7.8% decline in November sales to 146,364 vehicles. Truck sales fell 1.2% to 81,210 and sport-utility vehicle (SUV) sales sank 15.0% to 61,889, while electric vehicle (EV) sales soared 102.6% to 6,255. Ford said its EV sales grew at twice the rate of overall EV sales in November, and makes Ford the second-best EV seller and maker, behind leader Tesla Inc.
TSLA,
+0.57%.
The sales report comes a day after Ford said it had invested an additional 125 million pound sterling ($152.7 million) to transition its Halewood, U.K. plant to EV components. Ford’s stock has lost 33.3% year to date, while shares of rivals General Motors Co.
GM,
-1.41%
have dropped 32.1% and Tesla have slumped 44.5%. The S&P 500
SPX,
-0.79%
has declined 15.2% this year.