We are excited to recommend a new stock to you. We have been watching this electric vehicle company for a long time — even before its initial public offering (IPO) last year, explains Mark Skousen, editor of TNT Trader, a specialized service for sophisticated investors.

When it came to market at $78 per share, we felt it was just too overpriced to recommend. Its market capitalization was $68 billion without even selling a product yet. Since that time, it soared to $180 on hype before starting a gradual decline to a more proper evaluation, eventually hitting a low of just $19.

The company is Rivian Automotive Inc. (RIVN), and we are recommending it now at a more proper valuation. Rivian is essentially the first EV company that has come to market with a pickup truck. Trucks remain the most popular vehicles sold in the United States. In fact, the top three highest selling vehicles in America are all trucks.

And while other competitors, including Tesla (TSLA), Ford (F) and GM (GM), have all announced electric versions of trucks, only Rivian is currently selling its R1T truck nationwide.

Rivian is definitely a growth stock at this point. Its revenue is just starting to come in. But I have seen the company’s truck — and it’s SUV — on the streets of our neighborhood, which is a major accomplishment. And it's a good-looking vehicle, too. Add to this that Rivian has a contract with Amazon (AMZN) to deliver 100,000 delivery vans, and you can see the potential for this company.

Today, the company has a market valuation of just under $27 billion. But market caps are always forward-looking. Built into that number is the potential that this company has in the truck market. Right now, it is selling an electric truck that does not face the usual competition of internal combustion-engine vehicles. Tesla, Ford, and others are still months or years away from bringing a competitor to market.

Normally, we would evaluate a company by statistics like earnings, revenues or ratios like price to earnings or price to book ratios. But with a young company like this, we are really looking at price versus potential. Unlike competitors like Lucid (LCID) or Lordstown Motors (RIDE), Rivian has stayed on schedule and put out a quality product.

We believe we are at the start of Rivian’s rise as a long-term competitor in the electric vehicle market. And thus, we are recommending it to you to add to your portfolio. Let’s set a trailing stop of $24.

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