Ford Motor Co., Ltd. (F.US) shares soared as its market capitalization surpassed rival General Motors (GM. US)。
As of Tuesday's close, Ford's market capitalization was $83 billion, just slightly higher than GM's $82.9 billion. The last time Ford overtook GM's valuation was on September 14, 2016, when Ford closed with a market capitalization of $48.2 billion.
Ford's stock price has more than doubled this year and is currently at a 20-year high. Ford's performance has been booming since Jim Farley became Ford's CEO 14 months ago and accelerated Ford's move into electric vehicles. The F-150 electric pickup, which went on sale this spring, sold out at the outset and is scheduled to produce 600,000 electric vehicles a year by 2024.
GM aims to make a full-fledged transition to pure electric vehicles in the middle of the next decade, but the sudden departure of the head of its self-driving division Cruise came as a surprise to Wall Street. Shortly before that, the company expected to approve the launch of a robo-taxi service in San Francisco.
Ford and General Motors still lag behind electric truck maker Rivian (RIVN. US)。 Rivian, which went public in November, became the biggest IPO of the year. Rivian's stock fell after disclosing insufficient production and is currently valued at $92.6 billion. Tesla (TSLA), the world's largest automaker by market capitalization. US) is far ahead of its competitors at a valuation of $1.09 trillion.