Ford Motor Co. CEO Jim Farley speaks during a news conference at the Rouge Complex in Dearborn, Michigan, September 17, 2020.
Rebecca Cook | Reuters
DIGEST – Ford Motor’s market value hit $100 billion for the first time as the automaker’s shares hit a 52-week high in Thursday morning trading.
Ford shares jumped as much as 4.6% to $25.59, hitting another level Over 20 years high. Its market value is around $102 billion as of 11:10 a.m. Thursday.
Profits are driven by Fords plans to ramp up production of electric vehicles, including Mustang Mach-E crossover and an electric version coming soon best selling F-150 pickup it’s due to this spring. These efforts are part of a plan to change Ford+ led by CEO Jim Farley, who took over in October 2020.
Ford is now worth more than the competition Synthetic engine, about $90 billion, as well as an electric vehicle startup Rivian Automotive, at $75 billion, failed to remain profitable following its blockbuster IPO in November. Ford continues to lead the pack in terms of market capitalization. Tesla at a market capitalization of over $1 trillion.
