Ford’s shares rose further Thursday – with the old automaker’s market value surpassing $ 100 billion for the first time ever – as more Wall Street analysts bet the company successfully ramped up electric vehicle production.
Ford stock rose nearly 4% to just over $ 25 per share, hitting a 20-year high as excitement mounts on Wall Street over the old automaker’s ambitions for electric vehicles.
The automaker’s shares have continued to rise in recent months, with the gains largely driven by Ford plans to ramp up production of electric vehicles, including the Mustang Mach-E crossover and the upcoming electric F-150 Lightning pickup -Trucks.
The contribution to the rise in Ford’s stock price on Thursday was another bullish call from Wall Street analysts, with Deutsche Bank naming the company one of their top stock picks for automakers for 2022.
Of course, most Wall Street analysts see further upward trends, with many praising CEO Jim Farley’s ongoing Ford + restructuring plan, a large chunk of which the company’s resources are more focused on electric vehicles.
With a market cap of just over $ 100 billion, Ford is now worth more than rival General Motors (around $ 90 billion) and electric vehicle startup Rivian ($ 75 billion) – despite its market valuation of more than $ 1 trillion is still way behind Tesla.