DETROIT – Ford Motor’s market worth topped $100 billion for the primary time ever because the automaker’s inventory hit a brand new 52-week excessive in Thursday morning buying and selling.

Ford’s shares jumped by as a lot as 4.6% to $25.59, hitting one other 20-plus-year excessive. Its market worth was about $102 billion as of 11:10 a.m. Thursday.

The beneficial properties have been fueled by Fords’ plans to extend manufacturing of electrical automobiles, together with the Mustang Mach-E crossover and an upcoming electrical model of its best-selling F-150 pickup that is due out this spring. The efforts are a part of a Ford+ turnaround plan led by CEO Jim Farley, who took over the helm in October 2020.

Ford’s now price greater than crosstown rival Basic Motors, at about $90 billion, in addition to electrical car start-up Rivian Automotive, at $75 billion, that has didn’t maintain beneficial properties following a blockbuster IPO in November. Ford continues to considerably path market cap-leader Tesla at greater than $1 trillion market cap.