Shares of Ford Motor Co. on Wednesday closed at their highest since July 2016 after the car maker vowed to make sales of electric vehicles 40% of its global sales by 2030 and invest an additional $8 billion through 2025 in developing them, bringing its total to about $20 billion. Ford shares jumped nearly 9%, its biggest one-day percent increase since June 5, 2020, when they rose 11.72%. Wednesday’s rally also snapped a two-day losing streak.

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