It’s no secret that electric cars are getting more and more popular these days. But will the trend of electric cars move to pickup trucks?
According to Tyler Hoover—who runs Hoovie’s Garage YouTube channel with 1.4 million subscribers—the electric pickup might not be a great option if you need to haul something.
In a recent video, Hoover attempts to tow an old Ford pickup truck from the 1930s with his new Ford F-150 Lightning. Testing didn’t go well, as the new electric truck used more range than expected.
“If a 3,500-pound towing truck can’t go 100 miles… that’s ridiculously stupid. This truck can’t do normal truck stuff,” Hoover says.
The video, titled “Towing my Ford Lightning EV Pickup Was A Complete Disaster!” It has now collected over 2.3 million views.
“You’d stop every hour to recharge, which would take about 45 minutes to pop, which isn’t practical at all.”
But does that mean it’s time to ditch the electric car inventory? not necessarily. Even though electric car stocks have fallen largely this year, Wall Street still sees great opportunities in a few of them.
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Ford (F)
Hoover may not be happy with his recent towing experience with the F150 Lightning, but the electric truck still sells like hot cakes.
In September, Ford delivered 1,918 units of the F150 Lightening, meaning the model is still the best-selling electric pickup in America. To date, 8,760 units of the model have been sold.
The F150 Lightning isn’t the only electric vehicle in Ford’s lineup. The company also sold 2,324 units of its Mustang Mach-E SUV and 449 units of its E-Transit van in September. That brings Ford’s EV sales rate to 4,691 units per month, which is a 197% year-over-year increase.
“Ford continued to see high-demand vehicles transform at record rates in September while developing truck driving and electric trucks and expanding our overall truck leadership,” said Andrew Frick, Ford vice president, in a press release. “Demand remains strong with the rapid expansion of new retail orders.”
Ford’s shares are down 42% since the start of the year. But John Murphy, an analyst at Bank of America, sees a glorious recovery on the horizon.
Murphy has a “buy” rating for Ford and a price target of $28, indicating a potential upside of 123%.
Tesla
When you think of pure-play EV stocks, Tesla is probably the first thing that comes to mind.
Sure, its stock has run a rollercoaster ride — it’s down nearly 40% in 2022 — but Tesla EV sales are still booming.
Earlier this month, the company said it delivered 343,830 electric vehicles in the third quarter (18,672 Model S/X and 325,158 Model 3/Y). The amount represents a 42% increase year-over-year.
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Tesla also greatly boosted its production. In the third quarter, it produced 365,923 EVs (19,935 Model S/X and 345,988 3/Y), or 54% more than it produced in the same period last year.
However, Adam Jonas, an analyst at Morgan Stanley, notes that the company’s third-quarter delivery number missed the consensus estimate. But he still saw a rally in stocks.
Jonas has an “overweight” rating on Tesla and a price target of $383 — nearly 61% higher than where the stock is today.
ChargePoint Holdings (CHPT)
ChargePoint Holdings doesn’t produce any electric cars, but it’s still in a strong position for the electric car boom.
The company has one of the largest electric vehicle charging networks in the world. It has approximately 5,000 commercial customers and fleet, including 80% of Fortune 50 companies. Since its inception, ChargePoint has delivered more than 133 million charging sessions.
Of course, given that electric car stocks haven’t been a darling in the market this year, it’s no surprise that this electric car infrastructure has fallen into the sell-off as well. ChargePoint’s shares are down 22% since the start of the year.
It can give bargain hunters something to think about.
In the fiscal quarter ended July 31, ChargePoint generated revenue of $108.3 million, marking a 93% increase year-over-year. This was due to a 106% increase in network-connected charging systems revenue and a 68% increase in subscription revenue.
JPMorgan analyst Bill Peterson has an “overweight” rating on the ChargePoint and a price target of $20 – about 28% above current levels.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Originally published at San Jose News Bulletin
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