After reaching a two-decade high earlier in the day, the company's shares, which were more than doubled in value last year, went up 3.7 percent in afternoon trading.
Ford is worth more than rival General Motors, whose market cap is about $88.61 billion, and the electric vehicle start-up Rivian Automotive, whose value is about $77.8 billion, but they are still dwarfed by EV leader Tesla, which has a market cap of over $1 trillion.
Ford plans to double its production capacity for the EV version of its popular F-150 pickup truck to 150,000 vehicles, as part of Chief Executive Jim Farley's aggressive electrification strategy.
It had to stop accepting reservations for the F-150 Lightning electric pickup ahead of its arrival in spring 2022 at U.S. dealers.
After taking over CEO in 2020, Farley pledged to invest more than $30 billion in electric vehicles by 2030, including battery development.
Ford's EV strategy has encouraged Wall Street brokerages, with Deutsche Bank raising its price target on the company.
In a research note, we see room for Ford's fourth quarter performance to come in above consensus expectations, based on continued strong pricing offsetting growing raw materials headwinds, and Ford's price target has been raised to $24 from $18, according to Deutsche Bank analyst Emmanuel Rosner. Ford's median Wall Street price target is $21.85.