By CCN: The stock price of Ford Motor Company leaped by a staggering 10.7 percent on Friday, allowing the company to achieve a $41 billion valuation and overtake upstart competitor Tesla in total valuation.

Ford stock has performed strongly in the past month, outperforming the Dow Jones. | Source: Yahoo Finance

Two key fundamental catalysts of Ford’s rebound in the first quarter of 2019 were the firm’s profitability in Europe after nine months of net losses and strong sales of pickups in the U.S.

In 2018, Ford brought in a revenue of $160 billion, nearly eight times Tesla’s annual revenue in the same year.

Ford Pounds Higher on Blockbuster Quarter

ford stock

Ford now boasts a larger valuation than Tesla. | Source: BILL PUGLIANO / GETTY IMAGES NORTH AMERICA / AFP)

Since the appointment of James Hackett in mid-2017, Ford has been focused on rebuilding the company and its global operations.

The priority of the company, to revive its European business, has been successful. With solid profits and seasonal consumer habits pushing the demand for pick-ups and other commercial vehicles, Ford has seen an unexpectedly strong quarter.

Bob Shanks, the CFO of Ford, said:

“This quarter was a really good start for the year. We expect first-quarter [operating earnings] to be the strongest of the year due to seasonal factors and major product launches ahead. It does, however, put us on track to deliver better company results in 2019 than last year.”

Year-to-date, the stock price of Ford has increased by 33.8 percent from $7.78 to $10.41, easily outperforming the Dow Jones by 17 percent.

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