Jan 13 (Reuters) – Ford Motor Co. surpassed $100 billion in market value for the first time on Thursday, as more investors bet on the Detroit automaker’s electrification strategy.
Shares of the company, which more than doubled in value last year, were up 3.7% in afternoon trading after hitting a more than two-decade high earlier in the session.
Ford is now worth more than century-old rival General Motors, whose market capitalization is about $88.61 billion, and electric-vehicle startup Rivian Automotive, which is worth about $77.8 billion.
The automakers are still dwarfed by electric vehicle leader Tesla Inc., which has a market capitalization of more than $1 trillion.
Ford’s gains come amid plans to double the production capacity of the electric version of its hugely popular F-150 pickup to 150,000 vehicles as part of Chief Executive Jim Farley’s aggressive electrification strategy.
Demand for the F-150 Lightning electric pickup has been red-hot, and Ford had to stop taking reservations ahead of its arrival at U.S. dealerships this spring.
(Reporting by Aishwarya Nair in Bangalore; Additional reporting by Neol Randewich. Editing in Spanish by Javier Leira)