Ford’s market value crosses $100 billion for the first time

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• • Ford’s shares rose nearly 4.6% to $25.59 on Thursday
• • Ford's market cap increase comes at a time when the company intends to double production capacity

Ford Motor’s (NYSE: F) market value crossed $100 billion for the first time on Thursday morning.

The automaker’s shares rose by nearly 4.6% to $25.59, hitting a 20-plus-year high leading its to cross $102 billion as of 11:10 a.m. on Thursday.

Ford’s rivals  General Motors (NYSE:GM) and EV start-up Rivian Automotive’s market capitalization stood at about $88.61 billion and $77.8 billion, respectively.

Ford's increase in market cap falls at a time when the company intends to double production capacity for the electric version of its hugely popular F-150 pickup truck to 150,000 vehicles.

Shares of Ford Motor surged roughly 140% last year making it the best performing stock among automakers, beating its rival Tesla (NASDAQ: TSLA) and General Motors.

Also Read: Tesla shares soar on Monday after record deliveries in quarter

Despite achieving this massive feat, Ford continues to significantly trail market cap-leader Tesla at more than $1 trillion market cap.

A ‘record’ year

On December 10, Ford reported its largest single-day share increase last year, when the company said it would triple production of the electric Mustang Mach-E to more than 200,000 units per year for North America and Europe by 2023.

READ MORE: Ford to boost hiring to double production of all-electric F-150

Ford sold 175,918 vehicles in October, last year, amid an ongoing semiconductor chip shortage. Along with a drop in car sales, Ford also reported a 7% drop in truck sales to 94,449.

Despite the shortfall in sales, October’s sales have been the automaker’s best sales by volume since April.

Also Read: Ford becomes best performing stock among automakers in 2021

With inputs from CNBC