For the first time in more than a decade, Ford Motor (NYSE:F) shares rose on a solid fundamental shift. The company confirmed its electric vehicle plans at its investor plant held on May 26, 2021. The once out-of-favor automotive firm is now catching up with General Motors’ (NYSE:GM) EV plans.

Ford confirmed that through its electric transformation, 40% of all unit volumes would be all-electric by 2030. This will require capital expenditures of $30 billion by 2025. Markets did not care that costs will rise on the pivot to EV. The stock rallied from $13 to almost $15 before pulling back.

Ford’s F-150 EV is already benefiting from strong reservations of around 70,000. This signals strong consumer demand for Ford’s EV. Customers will have an E-Transit commercial van choice later this year. On the vehicle services segment, Ford Pro will strengthen its new commercial business. Despite previously offering few details, investors now know that Ford Pro will operate as a separate entity. It will leverage Ford’s successful commercial business while embracing an electrified future.

Markets will recognize Ford’s EV strategy will help it catch up to Tesla (NASDAQ:TSLA). But the commercial business is a bigger profit generator for the company. The F-150 and Ford E-Transit should jump-start the EV business. For now, the stock’s uptrend should hold for a while longer.