Ford’s Motor’s Market value beat $100 billion unexpectedly as the automaker’s stock hit another 52-week high on Thursday January 13 trading list.
Ford’s shares hopped by as much as 4.6% to $25.59, hitting another 20 or more year high. Its market value was about $102 billion as of Thursday January 13.
The gains have been fueled by Fords’ arrangements to increase production of electric vehicles, including the Mustang Mach-E hybrid and a forthcoming electric rendition of its top of the line F-150 pickup that is expected out this spring.
The endeavors are important for a Ford+ turnaround plan led by CEO Jim Farley, who assumed control over the steerage in October 2020.
Ford is presently worth more than crosstown opponent General Motors, at about $90 billion, as well as electric vehicle start-up Rivian Automotive, at $75 billion, that has failed to sustain gains following a blockbuster IPO in November. Ford continues to significantly trail market cap-leader Tesla at more than $1 trillion market cap.
Meanwhile, in May 2021, Ford Motor Company won an enthusiastic endorsement from President Joe Biden for unveiling a battery-powered Ford F-150 “Lightning”, which is part of the US auto giant’s $22 billion campaign to ramp up its electric vehicle offerings by 2025.