DETROIT – Ford Motor’sStock reached $20 per share Monday, the highest level since September 2001. This is a result of investors believing in CEO Jim Farley’s turnaround plan.

Ford stock nearly tripled in value since Farley assumed control last October. It was once below $7 per share. Ford shares rose as high as 5.9% Monday morning, to $20.42 per share.

Ford stock rose by 127% this year so far. This is far more than the 42% increase at General Motors and Tesla’s 68% rise this year.

Ford’s previous two CEOs were unable to pull off such a rally. The lagging stock price heavily contributed to the departuresFarley’s two previous predecessors, Mark Fields & Jim Hackett.

Farley’s Ford+ turnaround plan has included a series of significant moves that the automaker made over the last year. Farley’s Ford+ turnaround plan included several actions. These range from restructuring Ford Motor Company’s management team to the announcement of Ford+. billions of dollarsAutonomous and electric vehicles.

Credit Suisse analyst Dan Levy wrote in an investor note that there is clear evidence of Ford’s turnaround. He said, “We are witnessing clear evidence of Ford’s significant turnaround, one which has taken place in a short time and has seen Ford set a new track-record of financial outperformance and show that its transition into an EV/AV/digital universe has sharply increased.”

Ford recently announced that it would repurchase as much as $5 billion in high-yield bond bonds. This is part of a larger plan. restructure its balance sheet.

CNBC reported last month that Farley had said, Ford’s shares “absolutely”There is still plenty of room for improvement as the turnaround plan progresses.

“There is a growing belief that Ford will win this digital transformation,” he told me during a phone interview. plans to invest $11.4 billion in U.S. production of electric batteries and vehicles. We have many incredible upsides.”

Farley, in addition to the difficult transition to EVs, has also recruited highly-profile executive to the automaker like former Tesla. Apple executive Doug Field and Mike Amend, who was most recently president of online for Lowe’s