EVs Fuel $100B Valuation for Ford
Jan. 17, 2022—On the back of strong EV sales prospects, Ford Motor Co.'s market value surpassed $100 billion for the first time in the automaker's 118-year history.
According to a report from The Detroit News, Ford stocks closed at just over $25 last week, pushing the automaker's market cap past long-time rival General Motors and former EV partner Rivian.
Ford CEO Jim Farley, in his first 15 months in that position, has helped lift the company out of a 10-year low in valuation during his predecessor's tenure. Farley has rapidly accelerated Ford's push into the EV market, pledging his company would produce around 600,000 EVs a year by 2024 and investing heavily in EV manufacturing infrastructure.
The surge in market share comes after Ford announced it would once again double production of its F-150 Lightning pickup to 150,000 units annually.