For the first time in five years, Ford Motor Co.'s market value closed above rival General Motors Co., according to Bloomberg.
Ford beat out GM with a market value of $83 billion, just above of their rival's $82.9 billion market value. The last time Ford had a higher market value was back on Sept. 14, 2016, when they had a market cap of $48.2 billion.
Ford's stock is currently at $20.76 per share, and their shares have more than doubled this year. The success can be attributed to the hire of Jim Farley as chief executive officer 14 months ago, who helped push the company towards more electric vehicles.
The electric F-150 pickup truck is set to debut in spring 2022 and is already sold out. The company plans to produce 600,000 electric vehicles annually by 2024.
The sudden departure of the CEO of GM's self-driving vehicle branch Cruise hurt the company's market value in the eyes of Wall Street, especially ahead of the expected approval for the launch of a robotaxi service in San Francisco.
GM has committed to 30 new global electric vehicles by 2025, and has set a goal for the majority of the cars it produces to be electric by 2035. They are investing $27 billion in electric and autonomous vehicles in the next five years, a 35% increase over plans made before the pandemic.
Both of the company's market values remain far behind Tesla, Inc., as Elon Musk's electric vehicle company is valued at just under $1.09 trillion. Electric truck maker Rivian Automotive Inc., who went public in November, launched at $78 per share and had an opening price of $100.73 per share. They struggled with production this year, but still have a market value of $92.6 billion.
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