‘This truck can’t do normal truck things’: YouTube star says towing with Ford’s new electric pickup is a ‘total disaster’ in viral video — but Wall Street still likes these 3 EV stocks

S&P 500

3,639.66

-104.86(-2.80%)

 

Dow 30

29,296.79

-630.15(-2.11%)

 

Nasdaq

10,652.40

-420.91(-3.80%)

 

Russell 2000

1,702.15

-50.36(-2.87%)

 

Crude Oil

93.20

+4.75(+5.37%)

 

Gold

1,701.80

-19.00(-1.10%)

 

Silver

20.16

-0.50(-2.42%)

 

EUR/USD

0.9743

-0.0052(-0.54%)

 

10-Yr Bond

3.8830

+0.0570(+1.49%)

 

GBP/USD

1.1098

-0.0071(-0.63%)

 

USD/JPY

145.3500

+0.2820(+0.19%)

 

BTC-USD

19,515.42

+36.63(+0.19%)

 

CMC Crypto 200

445.50

-9.53(-2.09%)

 

FTSE 100

6,991.09

-6.18(-0.09%)

 

Nikkei 225

27,116.11

-195.19(-0.71%)

 

‘This truck can’t do normal truck things’: YouTube star says towing with Ford’s new electric pickup is a ‘total disaster’ in viral video — but Wall Street still likes these 3 EV stocks

It’s no secret that electric cars are becoming more and more popular these days. But will the EV trend carry over to pickup trucks?

According to Tyler Hoover — who runs the Hoovie’s Garage YouTube channel with 1.4 million subscribers — an electric pickup truck might not be a great option if you need to tow something.

In a recent video, Hoover tried to tow an old 1930s Ford pickup with his brand new Ford F-150 Lightning. The test didn’t go well, as the new electric truck used up way more range than expected.

“If a truck towing 3,500 pounds can’t even go 100 miles … that is ridiculously stupid. This truck can’t do normal truck things,” Hoover says.

The video, titled “Towing with my Ford Lightning EV Pickup was a TOTAL DISASTER!” has now amassed more than 2.3 million views.

“You would be stopping every hour to recharge, which would take about 45 minutes a pop, and that is absolutely not practical.”

But does that mean it’s time to ditch electric vehicle stocks? Not necessarily. Although EV stocks have largely pulled back this year, Wall Street still sees big opportunities in quite a few of them.

Don’t miss

Invest your spare change and turn your pennies into a productive portfolio

Mitt Romney says a billionaire tax will trigger demand for these two physical assets

You could be the landlord of Walmart, Whole Foods and Kroger

Ford (F)

Hoover might not be pleased with his recent towing experience with the F150 Lightning, but the electric pickup truck is still selling like hotcakes.

In September, Ford delivered 1,918 units of the F150 Lightening, which means the model continues to be America’s best-selling electric pickup. Year to date, it has sold 8,760 units of the model.

The F150 Lightning isn’t the only EV in Ford’s lineup. The company also sold 2,324 units of the Mustang Mach-E SUV and 449 units of the E-Transit van in September. That brings Ford’s EV sales to 4,691 units for the month, representing a 197% increase year over year.

“Ford continued to see high-demand vehicles turning at record rates in September while developing electric truck and van leadership and extending our overall truck leadership,” Andrew Frick, a Ford VP said in a press release. “Demand remains strong with new retail orders rapidly expanding.”

Ford shares are down a painful 42% year to date. But Bank of America analyst John Murphy sees a glorious revival on the horizon.

Murphy has a ‘buy’ rating on Ford and a price target of $28, implying a potential upside of 123%.

Tesla (TSLA)

When you think about pure-play EV stocks, Tesla is probably the first one to come to mind.

Sure, its shares have gone on a rollercoaster ride — they are down nearly 40% in 2022 — but Tesla’s EV sales are still booming.

Earlier this month, the company reported that for Q3, it delivered 343,830 EVs (18,672 Model S/X and 325,158 Model 3/Y). The amount represented a 42% increase year over year.

Stay on top of the markets: Don’t miss the latest news and a steady flow of actionable ideas from Wall Street’s top firms. Sign up now for the MoneyWise Investing newsletter for free.

Tesla also substantially ramped up its production. In Q3, it produced 365,923 EVs (19,935 Model S/X and 345,988 3/Y), or 54% more than its production in the year-ago period.

Still, Morgan Stanley analyst Adam Jonas points out that the company’s Q3 delivery figure missed the consensus estimate. But he still sees upside in the stock.

Jonas has an ‘overweight’ rating on Tesla and a price target of $383 — roughly 61% above where the stock sits today.

ChargePoint Holdings (CHPT)

ChargePoint Holdings doesn’t produce any electric cars, but it’s still solidly positioned for the EV boom.

The company has one of the largest EV charging networks in the world. It has around 5,000 commercial and fleet customers, including 80% of Fortune 50 companies. Since its inception, ChargePoint has delivered more than 133 million charging sessions.

Of course, given that EV stocks haven’t been market darlings this year, it’s no surprise that this EV infrastructure play was caught in the sell-off as well. ChargePoint shares have fallen 22% year to date.

That could give bargain hunters something to think about.

In the fiscal quarter ended July 31, ChargePoint generated $108.3 million of revenue, marking a 93% increase year over year. This was driven by a 106% increase in networked charging systems revenue and a 68% increase in subscription revenue.

JPMorgan analyst Bill Peterson has an ‘overweight’ rating on ChargePoint and a price target of $20 — around 28% higher than the current levels.

What to read next

‘I just can’t wait to get out’: Nearly three-quarters of pandemic homebuyers have regrets — here’s what you need to know before you put in that offer

House Democrats have officially drafted a bill that bans politicians, judges, their spouses and children from trading stocks — but here’s what they’re still allowed to own and do

Biggest crash in world history’: Robert Kiyosaki issues another dire warning and now avoids ‘anything that can be printed’ — here are 3 hard assets he likes instead

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Advertisement

Associated Press

CNN apologizes for entering Thai massacre site, pulls video

CNN pulled a story on the massacre of Thai preschoolers and apologized Sunday over criticism its journalists entered the day care where the children were slain and filmed the crime scene without permission. The two CNN journalists involved were fined after authorities found that they had been working in the country after entering on tourist visas, but cleared of wrongdoing for entering the day care center where more than 20 children were killed, deputy national police chief Surachate Hakparn said.

TechCrunch

President Biden signs executive order aimed at legal reboot of EU-US data flows

U.S. president Joe Biden has signed an executive order attached to reupping a flagship data transfer agreement with the European Union — with the goal of making life easier for businesses that need to export EU user-data to the U.S. for processing. The White House announced the development in a statement today — saying that the “Executive Order on Enhancing Safeguards for United States Signals Intelligence Activities” would “direct the steps” that the U.S. will take to implement its commitments under the EU-U.S. Data Privacy Framework (EU-U.S. DPF), as the new arrangement is being called.

SmartAsset

Beware: You Could Lose Your 401(k)

Employer-sponsored retirement plans are one of the best ways for working Americans to build wealth. They offer tax advantages, allow your money to grow over time and many employers even match your contributions. But the job market is changing and … Continue reading → The post Can You Lose Your 401(k)? appeared first on SmartAsset Blog.

The 74

These High School ‘Classics’ Have Been Taught For Generations – Are They on Their Way Out?

If you went to high school in the United States anytime since the 1960s, you were likely assigned some of the following books: Shakespeare’s “Romeo and Juliet,” “Julius Caesar” and “Macbeth”; John Steinbeck’s “Of Mice and Men”; F. Scott Fitzgerald’s “The Great Gatsby”; Harper Lee’s “To Kill a Mockingbird”; and William Golding’s “The Lord of […]

National Review

Jill Biden Uses Story of Friend’s Abortion to Criticize ‘Extremist Republicans’

First lady Jill Biden recently discussed helping her friend recover from an abortion in Pennsylvania in the late 1960s when the procedure was illegal and warned that “extremist Republicans” will push for more restrictions on abortion now that Roe v. Wade has been overturned.

NextShark

Mandatory ‘love education’ course for college students gains support in China

A proposal to include “love and marriage” values in the curriculum for all universities and colleges is gaining traction in China. The National People Congress (NPC) deputy had earlier recommended that family education be made a compulsory course in tertiary education to encourage “vast and enthusiastic cultural activities on campus” and guide students in establishing “the correct view of love, marriage and family.” In March, NPC deputy Huang Xihua put forward a motion to professionalize the field of family education and teach college students the skills needed to maintain family relationships.

Leave A Reply

Your email address will not be published.