Shares of the company, which more than doubled in value last year, were up 3.7% in afternoon trading after hitting a more than two-decade high earlier in the session.
Ford is now worth more than its century-old rival General Motors , whose market cap is approximately $88.61 billion and electric vehicle startup Rivian Automotive, whose value is about US$77.8 billion.
Automakers are still dwarfed by electric vehicle leader, Tesla Inc., which has a market capitalization of more than $1 trillion.
Ford’s gains come amid plans to double the production capacity of the electric version of its hugely popular pickup. F-150 to 150,000 vehicles as part of Chief Executive Jim Farley’s aggressive electrification strategy.
The demand for the electric van F-150 Lightning it’s been red-hot, and Ford had to stop taking reservations ahead of its arrival at U.S. showrooms this spring.