DETROIT – Ford Motor’sAs the stock of the automaker hit an all-time 52 week high Thursday morning, the market value exceeded $100 billion.

Ford shares surged by up to 4.6% to $25.59 and hit another 20-plus-year high. At 11:10 on Thursday, the market value of this stock was $102 billion.

Ford’s plans to boost production of electric cars, which includes the Model S and Focus E vehicles have fueled these gains. Mustang Mach-E crossoverA future electric version is also planned best-selling F-150 pickupIt’s expected to be out in the spring. This is part of an overall Ford+ turnaround plan that CEO Jim Farley has led since he took the reins in October 2020.

Ford is now more valuable than its crosstown counterpart General MotorsEstimated at $90 billion. Rivian AutomotiveAt $75 billion, it has not been able to maintain gains after a record-breaking IPO in November. Ford remains a significant market leader in terms of market capital. TeslaAt more than $1 Trillion market cap