Ferrari is worth more than General Motors or Ford

Ferrari is now worth more than General Motors or Ford.

Ferrari's market value surged to US$ 30.1 billion on Monday, before settling back to US$ 29.8 billion. General Motors' market capitalization fell below US$ 29.3 billion, while that of Ford fell to US$ 19.2 billion.

On Monday, Ferrari's share price went up by 7% after the supercar maker reported better-than-expected first-quarter earnings. Ferrari shutdown its factory in March due to the outbreak of the Covid-19 pandemic. Still, total shipment of cars increased by 5% to 2,738 units. The company's revenue fell only 1% to US$ 1.02 billion.

Ferrari builds around 10,000 cars a year, which far less than General Motors, which produces about 7.7 million. But, investor confidence is reportedly fueled by the high prices of their products and profit margins, as well as the brand name.

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