Top line

Old automaker Ford’s shares rose further on Tuesday amid high demand for its upcoming electric pickup truck and continued a solid run after rising 140% over the past year, beating Elon Musk’s Tesla.

Important facts

Ford shares rose 11% after the company announced on Tuesday that it would nearly double annual production capacity of its upcoming F-150 Lightning electric pickup truck to 150,000 vehicles per year by mid-2023.

This is the second time that the company has doubled its production targets for the F-150, which will be released in spring (previously around 40,000 vehicles).

The stock’s recent surge is testament to massive investor interest in electric vehicles: Ford cited higher-than-expected consumer demand for its F-150 and plans to start taking actual orders for pickup starting Thursday.

The long-established automaker affirmed Tuesday that it is “committed to leading the electric vehicle revolution” and will invest more than $ 30 billion in the industry by 2025 to take on pioneers like Tesla.

“In the next two years, Ford wants to emerge as the clear No. 2 electric vehicle manufacturer in North America and then challenge No. 1,” said the company’s press release.

Ford was the top auto stock last year, rising about 140%, beating bigger rivals General Motors and electric vehicle maker Tesla, up 41% and 50% respectively.