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Tuesday, January 25, 2022

Ford surpasses $ 100 billion market value for the first time

The market value of Ford Motor Co. topped $ 100 billion for the first time on Thursday as more investors gamble on the Detroit automaker’s electrification strategy.

The company’s shares, which more than doubled in value last year, surged 3.7 percent in the afternoon after hitting more than two decades earlier.

Ford is now worth more than its century-old rival General Motors, which has a market capitalization of about $ 88.61 billion, and electric car startup Rivian Automotive, which is worth about $ 77.8 billion.

But automakers are still lagging behind electric vehicle leader Tesla Inc., with a market cap of over $ 1 trillion.

Tesla shares fell 4.7% on Thursday.

Ford’s accomplishments stem from plans to double production capacity for the electric version of its hugely popular F-150 pickup to 150,000 vehicles as part of CEO Jim Farley’s aggressive electrification strategy.

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Demand for the F-150 Lightning electric pickup was very high, and Ford was forced to stop accepting orders for the pickup ahead of its arrival this spring from US dealers.

Ford’s Farley, who took over as CEO in 2020, has pledged to invest over $ 30 billion in electric vehicles by 2030, including battery development.

The EV strategy bolstered Wall Street brokerages, while Deutsche Bank was the last to raise its price target for Ford.

“We see Ford’s fourth-quarter performance to exceed consensus expectations based on continued high prices to offset growing hurdles in the raw materials market,” Deutsche Bank analyst Emmanuel Rosner said in a research note, raising its price target to $ 24 from $ 18.

Wall Street’s average price target is $ 21.85.

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