Ford market value hits $100 billion on surging EV prospects

Ford Motor Co.’s market value topped $100 billion for the first time Thursday as investors bet on the 118-year-old automaker’s prospects in the dawning electric age.

Ford shares rose as much as 5% to $25.69 before closing up 2.27% at $25.02, extending a 20-year high. The automaker’s new market cap exceeds rival General Motors Co. and electric truck startup Rivian Automotive Inc. But it still is a far cry from Tesla Inc., which investors have valued at more than $1 trillion.

The milestone comes as Ford is doubling production of the electric F-150 Lightning pickup going on sale this spring. The Dearborn-based company also is ratcheting up production of the battery-powered Mustang Mach-E at a factory in Mexico.

The shares have been on a tear since Jim Farley became chief executive officer 15 months ago, after falling to a 10-year low under his predecessor. Farley accelerated Ford’s shift to electric and autonomous vehicles. He has pledged that Ford will manufacture 600,000 EVs a year by 2024 with more to come from battery and assembly plants the company is building in Tennessee and Kentucky.