GM and Ford Fall Behind in the Fortune 500 Rankings image

GM and Ford fell in the Fortune 500 rankings of the largest companies in the US.

GM is now on the 7th place after it dropped from the 5th one, being surpassed by Warren Buffett’s Berkshire Hathaway, which increased form the 7th place to the 5th and Apple also rose from the 17th place to the 6th as its revenue went up 45% last year.

General Electric also fell from the 6th place to the 8th and Ford dropped from 9th to 10th position, while Texas-based Valero Energy left the 12th positions for the 9th one. The 1st place was taken by Wal-Mart Stores, after last year was placed on the second position. The 2nd place was claimed by Exxon Mobil.

Last month GM and Ford said that they are on pace of reaching the best US sales year since 2007. As the US vehicles are the oldest on average in the region’s history, customers will continue to replace their aging cars by fuel-efficient models fitted with better technology features.

“It’s inevitable there might be a slight, slight offset, but I think the positive factors” boosting auto demand “will overcome,” said Ken Czubay, Ford’s vice president of U.S. marketing, sales and service.

Source: The Detroit News