Shares of Ford continued to rise Thursday — the legacy automaker’s market value surpassed $100 billion for the first time — as Wall Street analysts bet on the company to successfully ramp up electric vehicle production.
Ford’s stock rose nearly 4% to more than $25 a share, hitting a more than 20-year high as excitement grows on Wall Street about the legacy automaker’s electric vehicle ambitions.
Shares of the automaker have continued to rise higher in recent months, thanks in large part to Ford’s plan to ramp up production of electric vehicles, including its Mustang Mach-E crossover and the upcoming electric F-150 Lightning pickup. Trucks included.
Helping to boost Ford’s share price on Thursday was another sharp call from Wall Street analysts, with Deutsche Bank naming the company as one of its top automaker stocks for 2022.
To be sure, most Wall Street analysts look ahead, with many praising CEO Jim Farley’s ongoing Ford+ restructuring plan, a large part of which focuses more of the company’s resources into electric vehicles.
With a market capitalization of more than $100 billion, Ford is now worth more than rival General Motors (about $90 billion) and electric vehicle startup Rivian ($75 billion)—though it still has a market valuation of over $1 trillion. Far behind Tesla.
Ford said earlier this month that it is “committed to leading the electric vehicle revolution” and plans to invest $30 billion in the industry by 2025 as it looks to take on big players like Tesla. “Over the next two years, Ford aims to emerge as the clear No. 2 electric vehicle maker in North America and then challenge the No. 1 spot,” the company said in a statement.
“Ford’s product line-up is the best in decades,” Benchmark analyst Mike Ward said in a note earlier this week. “The markets in North America, Europe and China are positioned to accelerate over the next 3-5 years, and we believe Ford is positioned to generate record levels of profitability.”
Ford’s shares skyrocketed 140% in 2021, making it the auto industry’s top-performing stock last year. Not only did it beat the likes of crosstown rival General Motors, which gained 41%, but also Elon Musk’s Tesla, which rose 50%. Ford stock is up 16% so far in 2022.
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