It's actually worse than that.
Ford's revenue was $156b last year, It was $154b in..... 1998.
FORTUNE 500: 1998 Archive Full List 1-100
20 year CAGR of 0%.
GM was $178 billion in 1998, it's $145 billion twenty years later. CAGR of -1%.
Ford revenues will probably be flat since they are discontinuing all sedan/coupe sales other than the Mustang in North America.
I'd bet in 2028 GM and Ford will also have lower revenue than they do today too.
Tesla will be $20 billion this year, up 10x since 2013, and probably $30 billion next year. If they grow revenues at a slower/safer 25-30% pace, they'll pass $100 billion in revenue in 2024.
Yes, the legacy automakers aren't exactly risk free. Ford boasts a dividend of 5.34% right now. But with a share price that's essentially been on a decline since the 2008 market freak out recovery, owning Ford stock right now is arguably as risky as Tesla, but with no upside. GM went bankrupt, it isn't unthinkable that Ford could too. A large company with declining revenues, that is exiting market segments, and, frankly, having no ideas on how to regain momentum (other than hanging on for dear life to the F150), is hardly a company I personally want to own, even with a 5% dividend.