Ford’s market value closes above GM’s for first time in five years

Ford shares have more than doubled this year and have been trading around a 20-year-high.The valuations of Ford and GM still lag behind that of electric-truck maker Rivian Automotive Inc., which went public in November this year.
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| Updated on: 29 Dec 2021, 10:05 AM
File photo of logos of Ford (L) and GM (R)
File photo of logos of Ford (L) and GM (R)

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.

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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.

(Also read | Ford Motor delivers first Made-in-China Mustang Mach-E to customer)

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. Tesla Inc., the largest carmaker in the world by market value, dwarfs the competition with a valuation of $1.09 trillion.

First Published Date: 29 Dec 2021, 10:03 AM IST
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