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Ford Motor Co.’s surging stock has given it a market value greater than rival General Motors Co. for the first time in more than five years.
Ford had a market value of $83 billion at the close in New York, just barely ahead of GM’s $82.9 billion. The last time Ford was valued at more than its Detroit-based rival was Sept. 14, 2016, when Ford closed the day with a market cap of $48.2 billion.
Ford shares have more than doubled this year and have been trading around a 20-year-high. They’ve been on a tear since Jim Farley became chief executive officer 14 months ago and accelerated Ford’s push into electric vehicles. The automaker has sold out the first year of its electric F-150 pickup, debuting this spring, and plans to produce 600,000 EVs annually by 2024.
GM has a goal to go all-electric by the middle of the next decade, but surprised Wall Street with the abrupt departure of the head of its self-driving unit Cruise just ahead of expected approval for the launch of a robotaxi service in San Francisco.
The valuations of Ford and GM still lag behind that of electric truck maker Rivian Automotive Inc., which went public in November in the largest IPO of the year. Rivian, which fell after revealing a shortfall in production, is valued at $92.6 billion.
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