Ford shares have been on fire since last week’s earnings release as the company continues its record-setting pace in 2025.

Shares are up nearly 7% over the past five sessions, thanks to the top- and bottom-line beats, but it wasn’t all good news in the third quarter at the Blue Oval.

• 2024: 2.08 million vehicles sold, +4.2%

• 2023: 1.99 million vehicles sold, +7.1%

• 2022: 1.77 million vehicles sold, -2.2%

• 2021: 1.9 million vehicles sold, -6.8%

Ford Model e, the company’s electric vehicle division, had its best month of sales ever as buyers flocked to dealerships to take advantage of the $7,500 EV tax credit that expired in September.

Despite those sales, Model e lost $1.4 billion due to spending on new products and…