Ford passes Tesla in market value for first time in over a year
Ford Motor Co.’s blowout earnings have sent the automaker’s market capitalization past Tesla Inc.’s for the first time in more than a year.
Ford share surged 11 percent Friday after reporting first-quarter profit that beat estimates after the market closed Thursday. The company’s market cap climbed to $41.35 billion as of 12:45 p.m. in New York, compared with Tesla’s $40.38 billion.
Ford last closed ahead of Tesla by market cap for a single day last year: April 2. Before that, the last time the company was more valuable was March 31, 2017, according to data compiled by Bloomberg.