On September 10, Ford rose 3.23% in regular trading, rebounding from intraday lows to trade at $13.86/share, with turnover of $118 million. The recovery came after Ford issued a strongly-worded public statement pushing back against US Transportation Secretary Sean Duffy's demand that the company sever business ties with Chinese partners including CATL, Geely, and BYD.
Ford characterized Duffy's letter as an ill-advised grab for headlines, citing factual errors and misleading claims. The company also referenced positive statements from the White House and the Department of Commerce to argue that the Transportation Secretary's position does not represent the broader administration's stance. Ford emphasized its ongoing investment in domestic US battery production to counter claims of national security risk.
The stock had declined 3.04% on September 8 amid concerns over its strategic shift to extended-range EVs and weak August sales, then dropped as much as 4.5% on September 9 following the initial reports of Duffy's letter. The intraday bounce suggests some investors viewed the multi-day selloff as overdone following Ford's robust defense of its China partnerships.
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