Ford sees its market capitalization soar to $100 billion for the first time as EV ambitions push stock to a 20-year high

The newly introduced Ford Focus is displayed during the second press preview day at the 2010 North American International Auto Show on January 12, 2010 at Cobo Center in Detroit.

The market capitalization of Ford Motors soared to $100 billion for the first time ever on Thursday as the automaker’s electric vehicle ambitions pushed its stock to a 20-year high.

Ford’s stock spiked by as much as 4.6% to $25.59, propelling its valuation to about $102 billion as of 11:10 a.m. ET Thursday. Shares were last seen hovering around $25.39 as of 12:50 p.m. ET in New York. 

The milestone makes the 118-year-old company more valuable than rivals General Motors (roughly $90 million) and Rivian Automotive (around $75 million). However, Ford is still an order of magnitude behind Tesla‘s $1 trillion market cap. 

Ford’s latest surge comes a week after the automaker said it would nearly double its planned production of the F-150 Lightning electric truck, which is due to be released this spring. 

The new target is for 150,000 for per year by 2023, up from a prior goal of 80,000 and an initial one of only 40,000, the Dearborn, Michigan-based firm said. The accelerated push comes after Ford received upwards of 200,000 reservations for the electric pickup, which required a $100 deposit.

Ford has seen early success with its EV efforts, with the company also boosting the planned production of its Mustang Mach-E to 200,000 vehicles per year by 2023. But hopes are especially high for the electric version of the F-150, which is the best-selling vehicle in the US.

Still, some investors are not as bullish when it comes to Ford’s historic upturn. 

Long-time Tesla bull Cathie Wood last week said electric-forward automakers, including Tesla, are a better buy than the traditional automakers.

“They soared on those electric vehicle announcements, think about that, that’s ridiculous,” Wood said, referring to Ford and General Motors.