Ford Motor Co. reported a big beat for the fourth quarter on strong North American sales of its cash cow F-150 pickup and boosted its ante in the race to develop electric and self-driving vehicles with a US$29 billion investment.

Fueled by surging truck sales, Ford on Thursday posted adjusted earnings per share of 34 cents, easily surpassing the 7-cent loss analysts predicted on average. Adjusted earnings before interest and taxes of US$1.7 billion exceeded the US$347 million analysts expected.

Ford is committing more than US$22 billion for electric vehicles through 2025, a response to the bold plan outlined by General Motors Co. Chief Executive Officer Mary Barra, who has pledged to dump the internal combustion engine and go to all zero-emission models by 2035.

Ford’s new CEO Jim Farley is trying to demonstrate his ambitions are just as aggressive, while he also works to revive Ford’s profits. The Dearborn, Michigan-based company also plans to spend US$7 billion on next-generation driverless car technology.

Shares of Ford rose 2.5 per cent in after market trading to US$11.65 as of 4:21 p.m. The stock closed up 11.5 per cent to US$11.37.