Ford Motor Co.’s surging inventory gave it a market worth better than rival Common Motors for the primary time in additional than 5 years.

Ford had a market worth of $83 billion at Tuesday’s shut in New York, simply barely forward of GM’s $82.9 billion. The final time Ford was valued at greater than its Detroit-based rival was Sept. 14, 2016, when Ford closed the day with a $48.2 billion market cap.

By noon Wednesay Ford shares had been buying and selling at $20.56, down practically a proportion level.

Ford shares have greater than doubled this 12 months and have been buying and selling round a 20-year-high. They’ve been on a tear since Jim Farley turned CEO 14 months in the past and accelerated Ford’s push into electrical automobiles. The automaker has offered out the primary 12 months of its electrical F-150 pickup, debuting this spring, and plans to provide 600,000 EVs yearly by 2024.

GM has a aim to go all-electric by the center of the following decade, however stunned Wall Avenue with the abrupt departure of the pinnacle of its self-driving unit Cruise simply forward of anticipated approval for the launch of a robotaxi service in San Francisco.

The valuations of Ford and GM nonetheless lag behind that of electric-truck maker Rivian Automotive Inc., which went public in November within the largest IPO of the 12 months. Rivian, which fell after revealing a manufacturing shortfall, is valued at $92.6 billion. Tesla Inc. dwarfs the competitors with a valuation of $1.09 trillion.