Ford sold about 20% fewer vehicles at the end of 2021 than at the end of 2019, but its stock price is 2.5x what it was then. Ford is producing less actually useful stuff, but we pretend it's more valuable.
I've always heard the argument that stock price is not based on the current value but on future earnings. If the market perception is that Ford is better placed now than 2 years ago to make money in the coming decade, it should be valued higher. Similarly companies that are laying the groundwork for massive earnings post-pandemic should see a corresponding value uptick in the stock market.