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Ford shares have hit a new all-time high on Friday as investors took to the streets for a big rally.
The company, which has been struggling to attract new customers and retain investors since its IPO in 2014, rose to record levels after the US stock market closed on Friday.
Its share price is up 12 per cent from its record high of $19.65 last November, according to FactSet, but that was at a time when the company was struggling to retain investors, raising the question of whether it will be able to survive in a market dominated by Tesla and Alphabet.
The rally started early on Friday, when Ford posted a record quarterly profit of $1.47bn, the highest in the history of the company.
Ford shares rose more than 12 per and 17 per cent to $22.15.
The shares have surged since late November, and are now up more than 30 per cent in the last 12 months.
Shares of General Motors also climbed, rising 13 per cent on Friday to $54.49.
The company reported a profit of a record $1bn for the third quarter, beating Wall Street forecasts.
Ford’s dividend, which is currently about a third higher than the market average, was a big worry for investors.
Shares are trading at about 40 per cent of their previous levels, with some analysts arguing that the company is still in a weak spot when it comes to attracting new customers.
But the company has been able to sustain its dividend by reducing its stock buybacks and boosting its dividend per share, a strategy that has allowed it to earn a larger dividend.
The stock has now risen more than 40 per to its all-Time high of more than $31.50.