Ford Motor Company shares climbed confidently in trading after the automaker posted results that beat analysts’ expectations. The company noted revenue growth and steady demand for its models despite overall volatility in the auto sector and pressure from competitors in the electric vehicle space.

By the end of the quarter, Ford’s revenue increased by roughly 9%, reaching more than $50 billion, while profit came in above market consensus. Investors reacted positively to management’s message that the company is tightening cost control and improving the margins of key divisions.

Mid-session, Ford shares were up nearly 10%, making the company one of the top gainers among S&P 500 constituents. The company’s market capitalization continues to recover after periods of pressure related to supply chain fluctuations and rising competition.

Despite existing risks in the automotive industry, market participants see Ford’s potential to further strengthen its position in the hybrid and commercial vehicle markets. Strong financial results and stable demand bolster confidence that the company can maintain its growth trajectory in the coming months.