7 Best Electric Truck Stocks To Consider in 2022

Auto executives estimate that by 2030, 50% of all new vehicles sold will be electric, and pickup trucks are the best-selling vehicle in the US. This represents a lucrative opportunity for electric truck makers. But who will get to market first and reap the rewards? Read on to learn more. 

Anders Skagerberg   Updated April 1st, 2022

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Should you still invest in electric trucks?

Many EV startups have gone public via SPACs (special purpose acquisition companies) in recent years, with Rivian, Lordstown, Lucid Motors to name a few. Unfortunately, many have struggled after going public, losing billions of dollars for investors. Startups have had to contend with supply chain issues, inability to scale production as quickly as expected, and even SEC investigations.

Still, the U.S. SUV and pickup truck market is huge, including roughly 60% of passenger cars sold in the U.S. each year. American consumers continue to demand trucks as the auto industry undergoes a secular shift to electric vehicles. Reservations and pre-orders show that consumer demand is there. And even if the SPAC startups don’t deliver, legacy automakers like Ford and General Motors can fill the gap in the market.

What are the top electric truck stocks?

Electric truck stock list

  • Rivian Automotive (RIVN)
  • Ford Motor Company (F)
  • General Motors (GM)
  • Nikola (NKLA)
  • Hyliion Holdings Corp (HYLN)
  • Workhorse Group Inc (WKHS)
  • Lordstown Motors Corp (RIDE)

Read more about each company.

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1. Rivian Automotive (RIVN)

  • Market capitalization: $45 billion
  • 2022 return: -56%

Founded in 2009 by RJ Scaringe and headquartered in Irvine, CA, Rivian makes electric pickup trucks. Rivian’s R1T, named the 2022 MotorTrend Truck of the Year, is the first electric pickup truck to market in the U.S., with roughly 83,000 in pre-orders as of March 2022. Rivian targets 1 million in annual car sales by 2030.

Rivian is backed by Amazon, and in 2019 Rivian announced a deal promising to deliver 100,000 electric delivery vans to Amazon. But the deal could be in trouble: Amazon recently announced an agreement with Stellantis to begin using the RamPro Master electric van in their fleet.

Amazon’s announcement, combined with Rivian’s recent price increase for their R1T, has led the stock price to tumble. Like most electric truck makers, Rivian is also dealing with supply chain and production issues. As of March 2022, they’ve only produced 1,410 cars. So it remains to be seen how the startup will perform in the coming years.

2. Ford Motor Company (F)

  • Market capitalization: $66 billion
  • 2022 return: -24%

Ford’s F-150 has been the best-selling vehicle in America for the past 40 years and the best-selling pickup truck for 45 years. A titan in the auto industry, Ford has been making cars since 1903.

Ford recently announced the F-150 Lightning pickup truck, an electric version of their best-selling F-150. Ford started accepting pre-orders in January of 2022, announcing over 200,000 reservations to date. The carmaker believes it can produce 150,000 F-150s each year.

Under new leadership, Ford has pledged to spend $30 billion on EVs through 2025, including $7 billion on three battery factories. They may spend another $10-20 billion converting existing facilities to EV production.

Some investors are betting that Ford, with its experience of car manufacturing at scale, won’t suffer from the same manufacturing problems that EV startups are facing.

3. General Motors (GM)

  • Market capitalization: $63 billion
  • 2022 return: -27%

Another established car-maker, GM has already unveiled the electric version of Chevrolet Silverado, its best-selling truck. In fact, Chevy’s Silverado truck is the third best-selling vehicle in the US, and Chevrolet will release the all-electric Silverado in the spring of 2023. The electric Silverado has a range of 400 miles per charge and costs around $40,000. The EV can even power a home.

GM has also received over 65,000 reservations for its electric GMC Hummer pickups and SUVs, exceeding expectations. Although the Hummer EV pickup is on sale, new customers will have to wait until 2024 to receive their cars due to the number of pre-orders.

4. Nikola (NKLA)

  • Market capitalization: $4.2 billion
  • 2022 return: -1%

The hyped up “Tesla of trucks,” Nikola went public in 2020, disappointing a lot of investors since. The founder, Trevor Milner, was forced to resign after short-sellers alleged that he was misleading investors. The deal with GM to produce Nikola Badger, an electric pickup truck for consumers, also fell through. Nikola axed the Badger shortly after Trevor Milton resigned.

However, the company delievered its first electric truck in late 2021 and plans to get to full production in 2022, so perhaps it’s worth giving Nikola another chance.

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Save and invest spare change

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5. Hyliion Holdings Corp (HYLN)

  • Market capitalization: $770 million
  • 2022 return: -31%

Founded in 2015 by Thomas Healy, a mechanical engineer and sports racer, Hyliion aims to deliver hybrid and electric vehicles to commercial fleets, helping reduce transportation costs and carbon emissions. They’ve recently announced 1,000 pre-orders from Agility, a logistics company.

They’re currently working on the Hypertruck ERX, a long-range electric semi-truck meant to revolutionize the trucking industry. Hypetruck ERX contains a natural gas-powered generator that can recharge electric batteries. In contrast, electric trucks from competitors need to plug into the electric grid to charge their batteries.

Natural gas is more environmentally friendly than diesel fuel, and, in the future, green hydrogen can replace it, reducing CO2 emissions further.

Despite the promise, Hyliion doesn’t have any trucks on the road yet, and the Hypertruck has been delayed due to supply chain issues. That puts the Hypertruck release date towards the end of 2022.

6. Workhorse Group Inc (WKHS)

  • Market capitalization: $758 million
  • 2022 return: -13%

Cincinnati, Ohio-based Workhorse Group makes electric delivery vans, working to replace traditional delivery vans, like those used by UPS, with electric vans.

However, WKHS stock tumbled after the company had to suspend the production of its C-series vans and recall 41 vans due to non-compliance with federal vehicle safety standards.

It’s unclear if new management will be able to turn around the business – the company clearly has some serious work ahead.

7. Lordstown Motors Corp (RIDE)

  • Market capitalization: $670 million
  • 2022 return: -13%

Lordstown, OH-based Lordstown Motors was founded in 2018 by Steve Burns after he left the Workhorse Group. The EV startup went public via a SPAC deal in late 2020. But the ride hasn’t been smooth. Lordstown hasn’t been able to get its Endurance electric pick-up truck to market as quickly as anticipated.

Production plans have been repeatedly postponed, with production now set to begin in the third quarter of 2022. If all goes well, RIDE will only release 500 trucks this year. That may not be fast enough given that competition is increasing. RIDE’s founder, Steve Burns, has also resigned and is being investigated by the SEC.

RIDE’s share price is down 90% from its peak, but with good reason, making it a speculative buy.

EV ETFs

What if you don’t want to pick individual stocks? You can still invest in EVs through several ETFs like the iShares Self-Driving EV and Tech ETF (IDRV). Read our review of EV ETFs.

NOT INVESTMENT ADVICE. The content is for informational purposes only; you should not construe any such information as investment advice.

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