DETROIT — Ford Motor Co.’s market worth topped $100 billion on Wall Road for the primary time as traders wager on the 118-year-old automaker’s prospects within the dawning electrical age.

Ford shares rose 5 % to $25.50 in noon buying and selling on Thursday in New York. The automaker’s new market cap exceeds rival Basic Motors and EV startup Rivian Automotive Inc. It’s nonetheless a far cry from Tesla Inc., which traders have valued at greater than $1 trillion.

The automaker hit the milestone because it’s doubling deliberate manufacturing of the electrical F-150 Lightning pickup that’s occurring sale this spring. The corporate is also ratcheting up manufacturing of the battery-powered Mustang Mach-E at a manufacturing facility in Mexico.

“I’m proud the corporate is getting acknowledged for our dedication to electrification,” CEO Jim Farley stated in an interview. “The market is saying we like this Ford transfer into battery-electric and we’ve extra confidence within the supply of the bottom enterprise. We like that they’re shifting now to scale whereas others are years away.”

The shares have been on a tear since Farley turned CEO 15 months in the past, after falling to a 10-year low underneath his predecessor. Farley accelerated Ford’s shift to electrical and autonomous autos. He has pledged that Ford will construct 600,000 EVs a 12 months by 2024 with extra to come back from battery and meeting crops the corporate is constructing in Tennessee and Kentucky.

Buyers “appear to love that we’ve give you a strategy to execute the product in a method that it’s in excessive demand,” Farley stated. “Though I’m extraordinarily grateful for the popularity of the group’s exhausting work, in my thoughts, we’re simply getting began.”