Ford had a market value of $83 billion at Tuesday’s close in New York, just barely ahead of GM’s $82.9 billion.
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.
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.