Trader Guy Adami agreed, saying that the stock is "getting some mojo." Ford closed Wednesday at $15.50 per share.
Read MoreFord jumps into car-share business
Other traders shied away from both stocks, citing tough competition in the automobile market.
"I don't like either of them," said trader Dan Nathan.
Trader Brian Kelly agreed, but noted that he saw more opportunities in car components and technology. He sees upside in BlackBerry's "connected car" software, which runs in models from automakers including Ford, Porsche and BMW.
Read MorePeople are driving more than ever
Dan is long SPY June put fly, JPM July put spread, TJX Aug put, TXN July/Aug put spread, CAT July/August put spread, TWTR, TWTR SEPT call spread, SO, INTC July put and LVS July Aug put spread. He is short SO Aug call.
Brian Kelly is long BBRY, BTC=, EEM, MSFT, NOC, SPY, TAN, TSL and yen. He is short yuan. Today, he sold BABA.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.