We are as excited as the next person about developments in the electric vehicle (EV) market, asserts Alan Newman, a marketing timing specialist and editor of Crosscurrents.

I have owned or leased several hybrids and EVs in the last few years and believe very strongly that within 15 years, it will be very difficult, if not impossible, to buy a new gasoline powered vehicle. The future belongs to EVs.

Unfortunately for investors, the excitement level is pitched so high, the field is rife with EV companies laughably overvalued by the market. We hasten to point out Rivian Automotive (RVIN), which some weeks back was valued by the market at $150 billion, almost as much as Ford (F) and General Motors (GM) combined, while not yet having sold a single vehicle.

We believe speculators are missing the mark by ignoring conventional automakers, who are already manufacturing EVs and in fact, have experience dating back several years. In the case of Ford Motor Co., their experience goes back a full decade, commencing production of the Ford Focus electric in December 2011.

By 2023, Ford intends to produce 600,000 EVs annually, and has announced plans for a giant new electric truck (here’s looking at you, Rivian) and three new battery gigafactories. This growth would make Ford the second largest producer with a stated objective to be the world’s largest manufacturer of EVs.

Ford has already introduced four models of its perennially popular Mustang, starting at $43,895, competitive with Tesla (TSLA). In fact, you can build-and-price an EV Mustang today online but there is a 20 week wait.

Frankly, the full immersion of Ford into the EV market is quite exciting, and we believe their experience is highly undervalued asset by the stock market.

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