In this article, we will take a look at the EV penny stocks list from $10 to under $1. To see more such companies, go directly to Top 5 EV Penny Stocks Under $1.
The EV market remains on investors’ radar amid continuous innovation and rising demand all over the world.
Despite the fact that over the past few years major companies have entered the EV industry in a bid to shift from traditional cars to EVs, Tesla Inc (NASDAQ:TSLA) remains the market leader. Tesla Inc (NASDAQ:TSLA) shares have gained about 136% in 2023 through June 29. The stock recently jumped after the company entered into a new partnership with General Motors which would see GM EVs using Tesla Inc (NASDAQ:TSLA)’s charging network.
Tesla Inc (NASDAQ:TSLA)'s Supercharger network has about 17,700 fast chargers in the U.S and the company’s charging network is considered the most reliable in the country. GM isn’t the only company that signed a charging partnership with Tesla Inc (NASDAQ:TSLA). Ford in May announced that it entered into an agreement with Tesla Inc (NASDAQ:TSLA) which will give Ford EV customers access to 12,000 Tesla Superchargers across the U.S. and Canada.
Commenting on the latest developments around Tesla Inc (NASDAQ:TSLA)’s charging network expansion, Dan Ives of Wedbush said that "Musk and Tesla are playing chess while other automakers are playing checkers in this broader EV green tidal wave.” Ives upped his price target on Tesla Inc (NASDAQ:TSLA) to $300 from $215.
The EV industry will only grow from here amid the US government’s resolve to hasten the shift to EVs from traditional cars to cut the nation’s reliance on fossil fuels and decrease pollution. In April 2023 The Environmental Protection Agency proposed new, tougher standards that will force car companies to speed up their transition to EVs. The US is also planning to spend a whopping $7.5 billion to expand the EV charging network as part of the $1 trillion infrastructure bill passed in 2021. The latest proposals and rules would mean that “two out of every three personal vehicles sold by 2032 would be an EV,” according to a report by the WSJ.
EV Penny Stocks List: From $10 to Under $1
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Given the relentless growth of the EV industry, it’s but natural for investors to find affordable stocks to gain exposure to this high-growth market which is hitherto in its early stages. In this article we tried to list all available notable publicly traded (in US markets) EV stocks trading under $10 as of June 29. We picked companies that are directly operating in the EV industry or are related to materials that are used in the EV industry.
NIO Inc. (NYSE:NIO) is one of the most popular EV stocks. Recently, Bank of America talked about the stock following the BofA 2023 Asia Conference in New York. BofA said that NIO Inc. (NYSE:NIO)’s management expects the company’s ET5 Touring model to see similar or better sales compared to the ET5 model.
Earlier in June NIO Inc. (NYSE:NIO) posted its Q1 results. Adjusted EPADS in the quarter came in at -$0.36 beating estimates by $0.05. Revenue in the quarter jumped 7.7% to $1.55 billion, missing estimates by %80 million.
California-based EV infrastructure company ChargePoint Holdings, Inc. (NYSE:CHPT) ranks 28th in our list of the EV penny stocks. As of the end of the first quarter of 2023, 15 hedge funds in Insider Monkey’s database had stakes in ChargePoint Holdings, Inc. (NYSE:CHPT).
Lucid Group, Inc. (NASDAQ:LCID) shares are rising after the company revealed that the Public Investment Fund of Saudi Arabia bought 266 million more shares in the company through a $1.8 billion private placement made by subsidiary Ayar Third Investment.
Blink Charging Co. (NASDAQ:BLNK) shed value in June after more companies agreed to follow Tesla Inc (NASDAQ:TSLA)’s charging standards. During the first quarter Blink Charging Co. (NASDAQ:BLNK)’s adjusted EPS came in at -$0.49 missing estimates by $0.03. Revenue in the period jumped 121.4% year over year to $21.7 million, missing estimates by $0.35 million.
California-based EV company Fisker Inc. (NYSE:FSR) is in the limelight after the company said it plans to make the first deliveries of its Fisker Ocean SUV to customers in the U.S. As of the end of the first quarter of 2023, 15 hedge funds tracked by Insider Monkey were long Fisker Inc. (NYSE:FSR). The biggest stakeholder of Fisker Inc. (NYSE:FSR) during this period was Louis Bacon’s Moore Global Investments which owns a $62.5 million stake in Fisker Inc. (NYSE:FSR).
Kandi Technolgies Group Inc. (NASDAQ:KNDI) is a Chinese company that makes parts and battery packs for electric vehicles. Kandi Technolgies Group Inc. (NASDAQ:KNDI) also makes EV controllers, air conditioning units, and other auto parts.
As of the end of the first quarter of 2023, 9 hedge funds tracked by Insider Monkey had stakes in Kandi Technolgies Group Inc. (NASDAQ:KNDI). The biggest stakeholder of Kandi Technolgies Group Inc. (NASDAQ:KNDI) was D E Shaw with a $2.7 million stake in the company.
California-based EVgo, Inc. (NASDAQ:EVGO) operates EV charging stations in the US. EVgo, Inc. (NASDAQ:EVGO) lost ground recently after more companies agreed to move to Tesla Inc (NASDAQ:TSLA) charging standards. EVgo recently said that it will be adding North American Charging Standard connectors to its fast charging network across the country.
22. Polestar Automotive Holding UK PLC (NASDAQ:PSNY)
Price Per Share: $3.69
Sweden-based Polestar Automotive Holding UK PLC (NASDAQ:PSNY) sells premium electric vehicles. Polestar Automotive Holding UK PLC (NASDAQ:PSNY) recently announced that its UK subsidiary is entering into a strategic joint venture for the China market with the technology company Xingji Meizu Group.
Massachusetts-based CPS Technologies Corp. (NASDAQ:CPSH) makes advanced material solutions and metal matrix composites that are used in a variety of industries using the EV segment.
Arrival (NASDAQ:ARVL) is a British electric vehicle manufacturer. Arrival (NASDAQ:ARVL) is slowly winding down operations in the UK and plans to focus on the production of just one electric vehicle in the near term in the US. Arrival (NASDAQ:ARVL) will benefit from the EV-friendly regulations in the US.
A total of 5 hedge funds tracked by Insider Monkey have stakes in Arrival (NASDAQ:ARVL) as of the end of the first quarter of 2023.
American Lithium Corp. (NASDAQ:AMLI) is a lithium exploration company and stands to benefit from the EV boom all over the world. American Lithium Corp. (NASDAQ:AMLI) jumped in June after the company said it agreed to transfer ownership of its Macusani uranium project to Friday's Dog Holdings.
In May, American Lithium Corp. (NASDAQ:AMLI) said it received necessary approvals in Peru for additional explorations near its current lithium project.
The Lion Electric Company (NYSE:LEV) is a Canadian EV company that makes EV buses and other heavy-duty vehicles. In May The Lion Electric Company (NYSE:LEV) posted first quarter results. EPS in the quarter came in at -$0.07 beating estimates by $0.03. Revenue in the quarter jumped 141% year over year.
Arcimoto, Inc. (NASDAQ:FUV) is an Oregon-based EV company that makes Fun Utility Vehiclex or FUVs. Earlier in June, Arcimoto, Inc. (NASDAQ:FUV) said it entered an agreement with investors for the sale of about 1.47 million shares in a registered direct offering and warrants to purchase about 2.94 shares at a combined purchase price of $1.70.
CBAK Energy Technology, Inc. (NASDAQ:CBAK) is a Chinese company that sells lithium-ion rechargeable batteries. CBAK Energy Technology, Inc. (NASDAQ:CBAK) recently jumped after the company announced that it received an order worth about $124.5 million of lithium-ion batteries from European renewable energy systems provider Viessmann for 2024.
A total of 2 hedge funds tracked by Insider Monkey had stakes in CBAK Energy Technology, Inc. (NASDAQ:CBAK).
Energy storage company Proterra Inc. (NASDAQ:PTRA) in May posted first quarter results. GAAP EPS in the first quarter came in at -$1.08. Revenue in the quarter jumped about 36% year over year to $79.53 million, missing estimates by $11.28 million.
Nikola Corporation (NASDAQ:NKLA) makes heavy-duty commercial battery-electric vehicles, fuel-cell electric vehicles, and energy solutions. Insider Monkey’s database of hedge funds shows that 10 hedge funds had stakes in Nikola Corporation (NASDAQ:NKLA) as of the end of the first quarter of 2023. The biggest stakeholder of Nikola Corporation (NASDAQ:NKLA) was Himanshu Gulati’s Antara Capital which owns a $45 million stake in the company.
Australia-based Tritium DCFC Limited (NASDAQ:DCFC) makes direct current chargers for electric vehicles in the United States, North America, Europe, and the Asia Pacific. Tritium DCFC Limited (NASDAQ:DCFC) has lost about 26% year to date.
Workhorse Group, Inc. (NASDAQ:WKHS) earlier in June announced that it started production of its all-electric Class 4 work van W750 at its manufacturing facility in Union City, Indiana.
As of the end of the first quarter of 2023, 8 hedge funds tracked by Insider Monkey had stakes in Workhorse Group, Inc. (NASDAQ:WKHS). The most notable stakeholder of the company was D E Shaw.
California-based KULR Technology Group, Inc. (NYSE:KULR) makes thermal management technologies for batteries. In May, KULR Technology Group, Inc. (NYSE:KULR) won a development contract from a branch within the US Armed Forces to develop high-energy battery packs for uninterruptible power supplies to mobile command centers.
Texas-based Ayro, Inc. (NASDAQ:AYRO) sells EVs for closed campus mobility, urban and community transport, local on-demand and last mile delivery, and government use. Year to date Ayro, Inc. (NASDAQ:AYRO) has gained about 43% through June 28. In May the company posted its first quarter results. GAAP EPS in the first quarter came in at -$0.15, beating estimates by $0.02.
Canadian-based EV company Electrameccanica Vehicles Corp. (NASDAQ:SOLO) is up about 0.84% over the past six months. In May Electrameccanica Vehicles Corp. (NASDAQ:SOLO) posted its first quarter results. GAAP EPS in the period came in at -$0.10. Revenue in the quarter fell about 51.9% year over year to $0.5 million.
Insider Monkey’s database shows that 3 hedge funds had stakes in Electrameccanica Vehicles Corp. (NASDAQ:SOLO) as of the end of the first quarter of 2023. The biggest stakeholder of Electrameccanica Vehicles Corp. (NASDAQ:SOLO) was Steve Cohen’s Point72 Asset Management which owns a $38 million stake in the company.
