(Reuters) – Ford Motor (NYSE) Co’s stock value surpassed $100 billion on Thursday as investors backed the Detroit automaker’s electrification strategy.

Following a nearly two-decade peak, shares of the company were up 3.7% during afternoon trading.

Ford’s market capital is more than that of its 100-year-old competitor General Motors (NYSE:) at around $88.61 billion, as well as Rivian Automobile, which is worth about $77.8 million.

However, Tesla Inc is still the market leader in electric vehicles (NASDAQ:) Inc), with a market capitalization of more than $1 trillion.

Tesla stock shares dropped 4.7% after reports claimed that Tesla updated the Cybertruck model website to delete references to 2022. (Graphic: Ford’s stock market value surpasses $100 billion, https://graphics.reuters.com/USA-STOCKS/FORD/myvmnbqodpr/chart.png)

Ford’s successes are due to its plan to double the production capacity of its electric F-150 pickup truck, to 150,000 units in Chief Executive Jim Farley’s aggressive Electrification Strategy.

Ford had to cancel reservations for its F-150 Lightning pickup electric pickup due to high demand.

Ford’s Farley took the helm as CEO in 2020 and has promised to spend more than $30 Billion on EVs by 2030, which includes battery development.

Wall Street brokerages have been buoyed by the EV strategy. Deutsche Bank Ford’s latest price increase (DE:).

“We believe Ford’s fourth-quarter performance will be above consensus, based upon continued strong pricing offsetting rising raw material headwinds,” Deutsche Bank analyst Emmanuel Rosner stated in a research paper. The bank also raised its price target from $18 to $24

Wall Street prices are at $21.85.