Shares of Ford Motor Company (NYSE: F) were trading higher on Tuesday, for reasons that weren’t immediately clear. As of 2:30 p.m. EST, Ford’s shares were up about 4.6% from Monday’s closing price.
Ford didn’t have any big news to announce on Tuesday. But old rival General Motors (NYSE: GM) made a big splash at the Consumer Electronics Show (CES) on Tuesday morning. Among other things, GM announced a new electric commercial-vehicle brand and previewed an upcoming electric Cadillac ultra-luxury sedan in its CES presentation.
It’s possible that GM’s presentation reminded auto investors — who in recent months have been snapping up shares of electric-vehicle start-ups — that both GM and Ford are positioning themselves to be major players in electric vehicles, particularly in the highly profitable truck and commercial van segments.