The market value of Ford has surpassed $100 billion for the first time ever, as more analysts bet on the company successfully ramping up electric vehicle production.
The new F-150 is next to the Ford CEO.
Carlos Osorio/ASSOCIATED PRESS
The stock of Ford hit a 20-plus-year high of just over $25 per share, as excitement grows on Wall Street about the legacy automaker's electric vehicle ambitions.
The gains in the shares of the automaker have been in part due to Ford's plans to ramp up production of electric vehicles, including the upcoming F-150 Lightning pickup truck.
Wall Street analysts have been bullish on Ford and on Thursday, they named the company as one of their top picks for 2022.
Most Wall Street analysts see further upside for Ford, with many praising the company's ongoing restructuring plan, a big part of which focuses more of the company's resources into electric vehicles.
Ford is now worth more than General GM and Rivian, both of which have a market valuation of around $65 billion.
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Ford said earlier this month that it is committed to leading the electric vehicle revolution and that it will invest $30 billion into the industry through 2025. The company said it wants to emerge as the clear No. 2 electric vehicle maker in North America.
Benchmark analyst Mike Ward said in a note that the product line-up of Ford is the best in decades. The markets in North America, Europe, and China are poised to accelerate over the next few years, and we believe Ford is positioned to generate record levels of profitability.
Surprising fact.
Ford was the top-performing stock in the auto industry last year. It beat out General GM, which gained 41%, as well as Musk'sTesla, which rose 50%. The stock of Ford is up 16%.
Ford stock is on the rise as the company tries to challenge the dominance of electric vehicles.
Rivian shares fell 15% in two days after Amazon signed a deal with a rival.
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