market value breached $100 billion for the first time on Thursday, as more investors bet on the Detroit automaker’s electrification strategy.
But, the automakers are still dwarfed by EV leader Tesla Inc, which has a market cap of over $1 trillion. Ford’s gains come amid its plans to double production capacity for the electric version of its hugely popular F-150 pickup truck to 150,000 vehicles as part of Chief Executive Jim Farley’s aggressive electrification strategy.
Ford’s Farley, who took over as CEO in 2020, has pledged to invest more than $30 billion on EVs, including battery development, by 2030.
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