Can an old company still be an industry pioneer in the 2020s? The answer is definitely yes, as Ford (NYSE:F) just earned recognition from MotorTrend for one of its electric vehicle (EV) models. This likely contributed to today’s boost in Ford stock, though there are also implications for the vehicle electrification movement in general.
So, here’s the scoop. Ford’s F-150 Lightning was just named “Truck of the Year” by MotorTrend for 2023. This is among the most prestigious awards in the automotive industry.
Along with the award, MotorTrend offered praise for the F-150 Lightning, calling it the “first electric pickup up to appeal directly to the existing truck market.” This suggests electric pickup trucks aren’t necessarily a niche product anymore.
Perhaps Ford, with its broad-based mainstream appeal, is helping to advance the vehicle electrification movement with this EV model. Impressively, Ford has managed to deliver 13,258 electric Lightning models in 2022 so far.
What’s Happening With Ford Stock?
Ford stock pushed 2% higher in early trading today before backing down slightly. Shares were in the green and above $13.50 as of 10:00 a.m. Eastern today.
Without a doubt, Ford’s shareholders were also celebrating a cooler-than-expected inflation print this morning. Nevertheless, it’s notable news that Ford’s F-150 Lightning was chosen among a competitive field of truck models, both electric and conventional. It’s a sign the company is taking vehicle electrification seriously. Indeed, it’s been suggested electric pickup trucks could comprise up to 20% of all F-150 sales in 2023.
There’s an even bigger implication here, though. MotorTrend, in effect, seems to be suggesting electric pickup trucks will have a significant market presence during the coming year.
That’s potentially great news for anyone invested in electric truck manufacturers. Of course, the accolade from MotorTrend won’t be enough to keep Ford stock afloat in 2023. It’s certainly encouraging, however, for shareholders to see Ford and the electric truck industry get recognized.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.