DETROIT -- Ford Motor Co.’s market value topped $100 billion on Wall Street for the first time as investors bet on the 118-year-old automaker’s prospects in the dawning electric age.
Ford shares rose 2.2 percent to $25.02 on Thursday in New York, closing just under $100 billion at the end of the day.
The automaker hit the milestone as it’s doubling planned production of the electric F-150 Lightning pickup that’s going on sale this spring. The company also is ratcheting up production of the battery-powered Mustang Mach-E at a factory in Mexico.
“I’m proud the company is getting recognized for our commitment to electrification,” CEO Jim Farley said in an interview. “The market is saying we like this Ford move into battery-electric and we have more confidence in the delivery of the base business. We like that they’re moving now to scale while others are years away.”