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2021-12-29

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Ford’s Market Value Closes Above GM’s for First Time in Five Years

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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.</p>\n<p>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.</p>\n<p>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.</p>\n<p>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. 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