(Bloomberg) Ford Motor Co. shares rose up to 3.84% on Thursday to trade at $25.40 apiece, helping the company to top the $100 billion market capitalization.
The new milestone by Ford comes as investors see an opportunity in the automaker’s electric vehicle sector. The company is already doubling its output of electric F-150 Lightning pickup which will enter the market in the spring.
Ford’s EV prospects are also boosted by the ramped-up manufacturing of its battery fuelled Mustang Mach E in a Mexico factory.
Ford’s shares have been on a rally since Jim Farley took over as the CEO 15 months ago and has been accelerating the company’s shift to EVs and autonomous vehicles.
The automaker has a target to produce 600,000 EVs a year by 2024 and is already building plants in Tennessee and Kentucky in line with the goal.
At more than $100 billion market value, Ford now surpasses General Motors and electric truck startup Rivian. It still ranks below Tesla, whose value is estimated at above $1 trillion.
F: NYSE is up +3.84%.
