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Ford set a historical record Russian news EN

Ford capitalization for the first time in history exceeded $100 billion, writes CNBC.

By setting such a record, the company overtook GM and became the fifth largest in the industry by capitalization in the world – after Tesla, Toyota, Volkswagen and BYD. Ford shares have soared 20 percent since early January, thanks to electric car plans. For example, Ford is preparing to produce the F-150 electric pickup truck.

Motor giant CEO Jim Fairley said in December that the company would double production of Mustang Mach-E electric crossovers in 2022 to 80,000 units. Shares of the company jumped 5.7 percent on January 13 to $25.87, hitting another 20-year high before closing at $25.02 a share.

Ford had previously decided to invest £230 million ($316 million) in the production of electric vehicle components at its plant in the UK. Ford also announced an ambitious goal: by 2030, the company plans to abandon fuel-powered cars and produce only electric vehicles in Europe.

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