Shares of Ford Motor hit a 52-week high in early trading Thursday, pushing its market value above $100 billion for the first time ever. Ford’s shares rose more than 5 percent at one point, with a market value of about $101.5 billion at press time; the company’s shares have risen 67 percent in the past six months.
Ford’s plan to increase production of electric vehicles drove the company’s shares higher. Ford plans to double production of its electric pickup truck, the F-150 Lightning, to 150,000 this year and says it has more than 200,000 preorders. The efforts are part of a “Ford+” transformation plan led by the company’s CEO Jim Farley.
Additionally, the Cybertruck’s 2022 production date has reportedly been removed from the Tesla Cybertruck website. It was previously reported that the production date of the Tesla Cybertruck electric pickup has been pushed back to the end of 2022, and mass production may not wait until the end of 2023.
Ford is currently worth more than rivals General Motors (about $90 billion) and electric vehicle startup Rivian (about $75 billion), but still far behind Tesla (about $1.07 trillion).