A 12 months in the past, traders had just about given up the large world carmakers for useless. Shares of Daimler, Common Motors and Ford Motor had been at 10-year lows. Electrical car start-ups with none gross sales had been generally price greater than conventional automakers with tens of 1000’s of workers and factories all around the world. The pandemic seemed to seal the dinosaurs’ destiny.

However it seems the previous behemoths might not be doomed simply but. Earnings reported by Daimler on Thursday underlined a exceptional comeback by some conventional carmakers. These corporations have managed to outlive the pandemic, reorient to electrical automobiles and persuade inventory market traders that they don’t seem to be going to let Tesla take their prospects with no struggle.

Daimler shares have tripled since hitting a low level in March, and rose once more Thursday after the corporate stated internet revenue for the 12 months elevated nearly 50 % to 4 billon euros, or $4.8 billion, from 2019.

Common Motors’ shares have additionally almost tripled since March. The corporate beat analysts’ expectations final week when it reported internet revenue for the fourth quarter of $2.8 billion, in opposition to a loss a 12 months earlier.

Along with making extra money than traders thought was doable in a 12 months of turmoil, the 2 corporations, which date to the early twentieth century, have been making choices that present they grasp the technological adjustments upending the trade.

G.M. shifted perceptions of its dedication to electrical automobiles when it stated final month that it might section out automobiles powered by fossil fuels by 2035. Daimler shares spiked after the corporate stated this month that it might cut up its automobile and truck divisions into separate corporations, every with its personal inventory itemizing. Daimler, primarily based in Stuttgart, Germany, makes Mercedes-Benz luxurious vehicles and Freightliner vehicles.

Ola Källenius, the Daimler chief govt, stated the choice to interrupt up the corporate was meant to present managers extra freedom to react to technological change.

“Because the pace of the transformation of the auto industries is choosing up,” Mr. Källenius stated in an interview, “decision-making pace is essential.”

G.M.’s promise to swear off fossil fuels, although not for one more 14 years, set off a series response within the trade. Ford stated Wednesday that by 2030, all its passenger vehicles bought in Europe would run solely on batteries. Jaguar Land Rover stated Monday that every one its Jaguar luxurious vehicles and 60 % of Land Rover luxurious S.U.V.s would run solely on batteries by 2030.

Mr. Källenius has prevented making the same declaration. In lots of markets the place the corporate is lively, there isn’t a infrastructure for electrical vehicles, he identified. Subsequently, a vow of fossil-fuel abstinence “is just not one thing we must always do exactly to get a headline,” he stated.

However all future Mercedes-Benz fashions can be designed to be electrical, Mr. Källenius stated. “Our expertise path is obvious,” he stated. “We’re going to take a number one place. It’s a tad too early to choose a date for the world when the final combustion engine will go away the manufacturing line.”

Traders appear to be rewarding carmakers that present they’ll construct electrical vehicles. Shares of Ford, whose Mustang Mach-E has gotten good evaluations, have doubled since hitting their nadir in March. Shares of the French carmaker Renault have additionally greater than doubled since then; its reasonably priced Zoe subcompact was the best-selling battery-powered automobile in Europe final 12 months.

Daimler will start promoting a number of new electrical automobiles this 12 months, together with the Mercedes-Benz EQS, a counterpart to the corporate’s top-of-the-line S Class automobile. The EQS will go on sale in the summertime for a beginning value in all probability above $100,000.

“Steadily the monetary market is beginning to have a look at our expertise portfolio, and all the pieces now we have within the pipeline,” Mr. Källenius stated.

Up to now, electrical vehicles are nowhere close to as worthwhile for Daimler and different conventional carmakers as gasoline fashions. Battery programs are extra pricey than standard engines and transmissions, and automakers are nonetheless studying the way to manufacture electrical vehicles effectively. It would take time to attain the revenue margins “we’re used to on the interior combustion aspect,” Mr. Källenius stated.

Daimler’s unexpectedly wholesome revenue in 2020 was the results of old style cost-cutting moderately than any technological breakthrough. The corporate lowered its work pressure by 7,000 workers, or 4 %, and lower the analysis and improvement funds, which Mr. Källenius stated was nonetheless huge in contrast with rivals.

When the pandemic struck, Daimler rapidly dialed again manufacturing so it was not caught with unsold automobiles, Mr. Källenius stated.

Even after the sharp features of their share costs, Daimler and G.M. are nonetheless price solely about one-tenth as a lot on the inventory market as Tesla, which makes solely a tiny fraction as many automobiles. Traders are dazzled by Elon Musk, the Tesla chief govt, and have extra religion in an organization that makes nothing however electrical vehicles.

As Mr. Källenius conceded, the dinosaurs nonetheless have lots of convincing to do earlier than traders will imagine they’ve as a lot potential.

“The monetary market goes to attend and see a little bit bit,” he stated. “How is that this going to play out?”