Ford shares continued to surge on Tuesday as high demand for its upcoming electric pickup continued to push the stock up after it rose 140% last year.
The stock of the legacy automaker is currently at 20-year highs.
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Ford said Tuesday that it plans to double the production capacity of its electric F-150 pickup to 150,000 vehicles per year by mid-2023.
The company doubled production goals for the F-150 for the second time, and it will be released in the spring.
The recent run up in the stock is a testament to massive investor interest in electric vehicles, as evidenced by the fact that Ford plans to begin taking actual orders for the F-150 on Thursday.
The legacy automaker reiterated Tuesday that it is committed to leading the electric vehicle revolution and will invest more than $30 billion into the industry through 2025.
According to the press release, Ford aims to emerge as the clear No. 2 electric vehicle maker in North America and then challenge the No. 1 spot.
Ford was the top stock in the auto industry last year, jumping 140% and beating out larger rival General GM and electric vehicle makerTesla, which gained 41% and 50%, respectively.
The board of directors of Ford ousted Jim Hackett in October of 2020 and replaced him with auto industry veteran Jim Farley. Ford's stock has risen over 200% since then as the company's earnings have improved. The Ford+ restructuring plan, which focuses more resources into electric vehicles, has been cheered by investors and analysts.
The most important year for the company since the financial crisis was in 2021, according to an analyst.
Surprising fact.
Ford is still far behind established competitors like Toyota andTesla in terms of market value. Ford's valuation passed that of General GM and Rivian after shares of the company surged on Tuesday.
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