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Ford Motor’s market value surpassed $100 billion for the first time last week as more investors bet on the automaker’s shift to electric vehicles.
Ford is now worth more compared to its century-old rival General Motors, whose market cap stands at about $88.61 billion, and EV start-up Rivian Automotive whose value is about $77.8 billion.
Ford’s gains come as it prepares to double production capacity for the electric version of its hugely popular F-150 pickup truck to 150,000 vehicles as part of CEO Jim Farley‘s electrification strategy.
Farley has pledged to invest over $30 billion on EVs, including battery development, by 2030.
