The Rise of Electric Pick-Up Trucks: 3 Top EV Stocks to Consider

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  • Here are three top electric vehicle stocks to consider adding to a portfolio.
  • Ford (F): An electric version of the legendary F-150 pick-up truck is breaking sales’ records
  • Rivian (RIVN): The start-up’s R1T electric truck is earning strong reviews from critics.
  • Tesla (TSLA): Analysts say the much hyped Cybertruck could be a game changer for the auto industry.
EV Pickup Truck Stocks - The Rise of Electric Pick-Up Trucks: 3 Top EV Stocks to Consider

Source: shutterstock.com/Nixx Photography

Electric vehicles are taking over the automotive industry. According to research firm Fortune Business Insights, the value of the global electric-vehicle market is expected to reach $1.32 trillion by 2028, equating to a compound annual growth rate (CAGR) of 24.3%. Vehicle manufacturers are racing to churn out electric versions of their most popular models, which are often pickup trucks. Established automakers and start-ups alike are launching new electric pickup trucks for consumers that love the rugged and durable vehicles. Pickup trucks continue to be the best-selling vehicle in the U.S. and neighboring Canada. And automakers are moving swiftly to meet the demands of consumers for electric trucks. With the production and sales of electric pickup trucks on the rise, we offer the following three top EV pickup truck stocks for investors to consider for their portfolios.

F Ford $11.88
RIVN Rivian $17.32
TSLA Tesla $196.88

Ford (F)

Ford dealership sign against a blue sky.

Source: D K Grove / Shutterstock.com

The F-150 pickup truck made by the Ford Motor Co. (NYSE:F) has been the best-selling vehicle in the U.S. for more than 40 years. Since the 1970s, Americans have bought more F-150 trucks than any other vehicle available on the market. That’s an incredible feat and one that looks likely to continue with the rollout of Ford’s F-150 Lightning fully electric pickup truck. Launched in spring 2022, the F-150 Lightning broke sales records in October, delivering 2,436 vehicle during the month.

To be sure, Ford is not without its problems right now. The company just issued disappointing quarterly results as the automaker continues to grapple with execution and supply chain management issues coming out of the pandemic.

The transition to electric vehicles has not been a smooth one at Ford. Nevertheless, the blue oval is all-in on EVs, announcing plans to spend more than $50 billion to electrify its fleet, with the F-150 Lightning leading the way.

F stock is down 33% over the last 12 months.

Rivian Automotive (RIVN)

rivn stock sign outside the company's HQ in Silicon Valley

Source: Michael Vi / Shutterstock

For investors who have nerves of steel, there’s Rivian Automotive (NASDAQ:RIVN), which is making the R1T, a fully electric pick-up truck. On the plus side, the R1T has gotten strong reviews, with Car and Driver magazine placing the truck on its coveted list of the “10 Best Trucks and SUVs for 2023.” And the R1T can claim to have among the furthest driving ranges of any electric pickup truck, with the ability to travel as far as 347 miles on a single battery charge.

On the negative side, Rivian has failed to meet its production targets and has cut 6% of its workforce recently, while several of its key executives, including its chief lobbyist, have left the firm.

These issues have caused havoc with RIVN stock, which has fallen 73% over the past 12 months. Rivian will need to solve its internal issues and improve its execution before its share price meaningfully recovers. Still, the R1T appears to be a great product, making Rivian’s outlook promising.

Tesla (TSLA)

A person walks past the storefront of a Tesla (TSLA) store with several vehicles visible behind a glass door

Source: Ivan Marc / Shutterstock.com

The Cybertruck is coming. Arguably the most hyped electric vehicle ever, Tesla’s (NASDAQ:TSLA) Cybertruck is supposed to be to delivered to consumers this year after multiple delays since the giant EV was first announced in 2019.

A recent eight-second video of the Cybertruck released by Tesla CEO Elon Musk went viral and racked up more than 15 million views in only a few hours. More details are expected at Tesla’s Investor Day, which is scheduled to take place on Wednesday.

While the Cybertruck looks like something out of a Mad Max movie, Tesla is billing it as a fully electric pickup truck and has said its main competitor is Ford’s F-150 Lightning.

Tesla also claims that the Cybertruck will be able to go from 0 to 60 miles per hour in 2.9 seconds, have a  range of 500 miles a single battery charge, and a payload capacity of 3,500 pounds. According to TSLA,  it can also tow up to 14,000 pounds.  Preorders of the truck have sold out, and the starting price for the Cybertruck is expected to be about $40,000.

Some analysts are predicting that the Cybertruck will be a major driver of future sales at Tesla, and they think that it could be a game changer for the entire auto industry. TSLA stock has gained an incredible 60% this year. However, the stock remains down 27% over the last 12 months.

On the date of publication, Joel Baglole 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.


Article printed from InvestorPlace Media, https://investorplace.com/2023/02/the-rise-of-electric-pick-up-trucks-3-top-ev-stocks-to-consider/.

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