With stock of Ford Motor Company (NYSE: F) increasing 4.6% to $25.59, the highest in nearly 20 years, the automaker’s market capitalization reached $100 billion for the first time ever. . Plans for electric cars were key to achieving such a feat.
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As CNBC reported, Ford’s market capitalization reached $100 billion Thursday, as CEO Jim Farley’s plans to turn the old automaker into a true electronic mobility powerhouse began to bear fruit. Vehicles like the Mustang Mach-E Crossover and the much-anticipated electric version of the beloved F-150 pickup truck are increasing the company’s value.
Ford is now worth about $90 billion more than rival Crosstown General Motors, as is electric car start-up Rivian Automotive, at $75 billion, which failed to sustain gains after its groundbreaking IPO in November, according to CNBC.
Ford still – despite the achievement – lags behind market capitalization cap leader Tesla Inc (NASDAQ:TSLA), valued at more than $1 trillion.
The company reached a market capitalization of $100 billion from $83 billion two weeks ago and $48.2 billion in 2016. The company has helped restore its outstanding shares over the past several months.
As the Ford Authority blog reported, Ford recently revealed that it “doubled its planned annual production of electric vehicles from 300,000 units per year to 600,000.”
“The automaker will double its planned production of the Ford F-150 Lightning to 150,000 units by mid-2023 due to stronger-than-expected demand, as well as increase production of the Mustang Mach-E to 200,000 units annually by 2023 after its first successful full year in the market which It also saw demand for the crossover outstrip supply.”
In the first week of the year, CNBC’s Jim Cramer went on to say, “The sky’s the limit for Ford this year. It’s going to be awesome.”
Increased demand for its electrical products has prompted the company to discontinue reservations, specifically those for the F-150 Lightning.
Ford is part of the Entrepreneur Index, which tracks 60 of the largest publicly traded companies run by their founders or the families of their founders.