, Columnist
Investors Are Betting on GM, Ford and Tesla. They Can't All Win.
If legacy automakers become "less disruptable," that's bad news for the disrupter.
GM's rechargeable future.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
This week, markets have come to believe that the legacy automakers General Motors and Ford have gotten their groove back. Their stock prices have surged -- partly because of the spike in auto sales after so many were destroyed by Hurricane Harvey, and partly because of increased enthusiasm about their involvement in electric vehicles.
However, investors are divided at this moment, driving up the valuations of both legacy automakers and their rival Tesla. It's a zero-sum game, but investors are betting as though everyone can win.