Tesla (TSLA) now has a higher value than Ford (F) by as much as $115 billion. Ford released its Q4 earnings report on Wednesday, causing its shares to drop by 8.5% in early morning trading as it announced a miss in earnings.

Tesla has seen its share price rocket as of late, reaching $740 per share late Wednesday, which was down over Tuesday’s trading price. Tesla had a valuation of $148.4 billion on Wednesday morning with Ford’s market cap at about $33.3 billion, Business Insider reported.

"Financially, the company's 2019 performance was short of our original expectations, mostly because our operational execution -- which we usually do very well -- wasn't nearly good enough," Ford CEO Jim Hackett said in an earnings report statement. "We recognize, take accountability for and have made changes because of this."

Ford lowered its guidance for 2020 and is betting on its new all-electric Mach-E to take on Tesla’s Model Y in early 2021. Tesla has increased the pace of its Model Y rollout with deliveries expected by the end of March, which CEO Elon Musk said should “comfortably exceed” 500,000 units, according to the news outlet.

Shares of Tesla stock were down 18.04% as of 3:32 p.m. EST on Wednesday while shares of Ford stock were down 9.53% at the same time.

Tesla logo
A Tesla sign pictured at a Tesla showroom on Nov. 5, 2013, in Palo Alto, California. Justin Sullivan/Getty Images
RELATED STORIES
Elon musk Tesla Ford Motor Company Electric cars