DETROIT – Ford Motor‘s stock price has more than doubled since Jim Farley became CEO a little less than a year ago, and yet he says the shares “absolutely” have more room to run as he begins to lay the groundwork for a massive turnaround plan.

“There’s a growing confidence that Ford will be one of the winners in this new digital transformation in the industry,” he told CNBC during a phone interview Monday shortly before the company announced plans to invest $11.4 billion in U.S. production of electric batteries and vehicles. We have incredible upside.

Shares of the automaker closed Monday up by 2.8% to $14.16 a share, a 113% increase since Farley became CEO on Oct. 1. The stock was up by about 4% during premarket trading Tuesday. Farley remains unsatisfied with the company’s market valuation of $56billion. It trails other key competitors, including General Motors at $77.5 billion or EV market leader Tesla at $755.5 billion.

Farley said the joint venture with South Korean battery maker SK Innovation is a good example of company’s ongoing transformation under his Ford+ turnaround plan that was announced in May. It aims to improve profitability of existing operations and place the automaker in emerging markets such as electric, connected and autonomous vehicles.

Farley claimed that the Ford transformation was the most significant since the Model T. I don’t believe we have been recognized for the digital transformation that has benefited our industry yet.

Jim Hackett was Farley’s predecessor and heavily criticised for failing to pivot more rapidly into new technologies like electric or autonomous cars. He previously said that Ford saw “no advantage” in producing its own battery cells.

The investment with SK is in addition to $30 billion the company previously said it would invest in electric vehicles through 2025, about $7 billion of which had already been invested before February.

Aside from the harder pivot to EVs and turnaround plan, Farley has recruited high-profile executives to the automaker such as former Tesla and Apple executive Doug Field and Mike Amend, who was most recently president of online for Lowe’s.

Farley stated, “I am really proud of our team” and was especially proud to have assembled the team. Farley said, “We have some amazing Ford leaders” and that the company is home to a great deal of new talent.