The developments come after Nikola (NKLA) scrapped plans last month to build the Badger electric pickup truck in a drastically scaled-down partnership deal with General Motors (GM). But several other EV stocks have come public recently or are about to.
Barclays analyst Brian Johnson initiated coverage of Hyliion Holdings with an overweight rating and 20 price target. The company manufactures electrified powertrains and hybrid suspension systems for Class 8 trucks but doesn’t have revenue.
Given the limits around the electrifying long-haul trucking, Hyliion bypasses the current powertrain truck options to introduce a realistic emissions-reducing solution that bridges the adoption gap between diesel and fuel cell/battery electric trucks, Johnson said in a research note, according to TheFly.com. He forecasts “healthy growth” through the end of the decade for the company.
Meanwhile, top RV retailer Camping World (CWH) and Lordstown Motors, which focuses on the fleet market, are teaming up to create a national EV service and collision network for Lordstown EVs such as the Endurance all-electric pickup truck.
Additionally, the two companies are exploring the development of new EV products for the RV marketplace based on the Endurance platform. That includes a lithium-ion battery pack for travel trailers that would replace conventional gasoline onboard generators as well as the first, all-electric, high-volume production RV.
Also on Wednesday, Lightning eMotors unveiled a new model of its popular Class 3 Lightning Electric Transit Van. The longer-range van is the fourth generation of its battery-electric and fuel cell electric platform based on the Ford (F) Transit 350HD chassis. The van has up to 40% more range that the previous model.
The Lightning Electric Transit Van is available for order now, with deliveries starting in Q2 of next year.
Among other EV stocks, Lordstown stock fell 5.8% while Nikola rose 3%. And GigCapital3 (GIK), a blank check company that’s taking Lightning eMotors public through a merger, rose 1.8%.
The deal is expected to generate $125 million and gives Lightning eMotors a pro forma equity valuation of around $823 million, the companies said in a statement last week. Lightning eMotors will trade under the ticker ZEV.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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