Ford Motor Co. shares rose to their highest level in nearly five years, after the auto maker outlined a tech-centric strategy to electrify much of its vehicle lineup and sharply grow its commercial truck and van business.

Ford said it plans to boost spending on electric-vehicle development to $30 billion by 2025, roughly one-third more than it forecast earlier this year. The increase in spending—a total that includes some money spent in the past few years—is driven by Ford’s plans to eventually begin manufacturing its own batteries, including at two future U.S. battery-cell factories, with Korea’s SK Innovation Co.

Ford executives told investors during a virtual presentation that they expect 40% of the company’s global sales to be fully electric by 2030. Ford also aims to grow revenue from sales of vehicles and services to commercial clients by two-thirds, to $45 billion by 2025.

Shares rose 8.7% to $13.92 in trading Wednesday, their highest level since at least mid-2016.

The strategy laid out Wednesday brings together three main priorities that Ford Chief Executive Jim Farley has emphasized since taking over in October: Electric vehicles, digital services and leveraging Ford’s strength with commercial customers, such as contractors, utility companies and government fleets.