11 Best EV Penny Stocks to Buy

Published on April 26, 2024 at 9:16 am by Fahad Saleem in Hedge Funds, News

In this article, we will take a detailed look at the 11 Best EV Penny Stocks to Buy. You can skip our detailed industry analysis on the EV industry and click 5 Best EV Penny Stocks to Buy.

Remember the time when everyone thought EVs is the future and you should pour all you have in EV stocks to get rich quick? It didn’t take long for the EV euphoria to fade. With major EV stocks and ETFs like Tesla (down 31% in 2024) and iShares Self-Driving EV and Tech ETF (down 16% so far in 2024), one might ask – what on earth happened to EV stocks and should you really invest in EV stocks for the long term?

What’s Happening in the EV Industry?

Rising inflation and reluctance of consumers remain major hindrances in EV sales growth. Analysts believe EVs are still on path to overtake combustion engine cars in the long term, but the growth that made EVs all the buzz in the past has clearly slowed down. Data from Motor Intelligence shows that EV sales in the US increased by 47% in 2023, clearly surpassing conventional car sales. But car dealerships are having trouble selling EVs because a huge influx of new models and options as well as after-sales complaints which usually involve charging problems and battery issues.

A Wall Street Journal report quoted data from S&P Global Mobility which said that there are 56 EV models up for sale in 2024, with the firm expecting this number to reach 100 in 2025.

EV Companies Begin Belt-Tightening Measures

Amid slowing sales growth and headlines, EV companies had to slash production and cut costs. For example, Ford earlier this year decreased production of its F-150 Lightning electric pickup at its Dearborn, Michigan, factory. General Motors also postponed some production facilities for its Chevrolet Silverado EV. Tesla recently made headlines when it announced to cut 10% of its global workforce. The company talked about this development in its latest earnings call:

“We had negative free cash flow of $2.5 billion in the first quarter. The primary driver of this was an increase in inventory from a mismatch between builds and deliveries as discussed before, and our elevated spend on CapEx across various initiatives, including AI compute. We expect the inventory build to reverse in the second quarter and free cash flow to return to positive again. As we prepare the company for the next phase of growth, we had to make the hard but necessary decision to reduce our head count by over 10%. The savings generated are expected to be well in excess of $1 billion on an annual run rate basis. We are also getting hyper focused on CapEx efficiency and utilizing our installed capacity in a more efficient manner. The savings from these initiatives, including our cost reductions will help improve our overall profitability and ultimately enable us to increase the scale of our investments in AI.”

Read the entire earnings call transcript here.

Competition from Chinese EV Companies

Chinese EV companies remain the biggest problem for US EV companies like Tesla Inc (NASDAQ:TSLA), General Motors Co (NYSE:GM) and Ford Motor Co (NYSE:F) both in China and overseas. Not long ago US EV companies like Tesla and Volkswagen were seeing huge growth in mainland China. Local companies didn’t take long to catch up. Electric vehicles made by Chinese companies now account for about half of the total EVs sold around the world. In the fourth quarter of 2023, Chinese EV company BYD surpassed Tesla to become the top EV company in the country in terms of sales. Tesla sold 484,507 cars in the quarter, while BYD sold 526,409 fully electric vehicles. China has surpassed US, Germany, South Korea and even Japan when it comes to car exports.

Profitable Growth Becoming Elusive

One of the biggest factors weighing down EV stocks is burgeoning costs. A KPMG report on the EV industry talked about a survey which shows that EV industry executives are growing less confident about their ability to achieve profitable growth over the next five years. Only about 34% of the surveyed executives said that they were “extremely confident” that they would achieve profitable growth in the next five years, compared to 41% in the previous year.

The KPMG survey shows that while executives are still hoping for growth in the EV industry, their estimates have become more realistic. For example, the report showed that about three years ago, when EV executives were asked about what market share they think EVs would take as a percentage of total car sales, the answers would be anywhere between 20% to as much as 80%. But now these estimates have fallen off the cliff amid new realities.

Bocman1973 / Shutterstock.com

Why Should You Still Invest in EV Stocks

However, not all is doomed for the industry. The survey shows executives are still expecting growth in the EV industry.

“The mean estimates for penetration rose in the latest survey. In Western Europe, for example, respondents last year estimated that battery-electric vehicles would account for 24 percent of sales in 2030; this year the consensus estimate was 30 percent. In the US, the estimate went from 29 percent to 33 percent and in China the estimate jumped from 24 percent to 36 percent.”

Globally, electric vehicle sales are still expected to gain in the long term. A BloombergNEF report last year said EV sales were expected to surge to 27 million in 2026. The report said that the Inflation Reduction Act means EV would account for about 28% of passenger vehicle sales by 2026, up from 7.6% in 2022. The report said that combustion engine car sales peaked in 2017 and “are now in long-term decline.”

In this backdrop, we decided to see which EV penny stocks hedge funds are investing in. For that we scanned Insider Monkey’s database of 933 hedge funds and picked 11 EV penny stocks with the highest number of hedge fund investors.

11. Wallbox NV (NYSE:WBX)

Number of Hedge Fund Investors: 8

EV charging products and solutions company Wallbox NV (NYSE:WBX) ranks 11th in our list of the best EV penny stocks to buy now according to hedge funds. Last month, Wallbox NV (NYSE:WBX) announced that it secured proposed awards of $25.6 million from the Washington Department of Commerce’s Electric Vehicle Charging Program. These funds will be used to deploy Wallbox NV’s (NYSE:WBX) latest AC Level 2 charger, the Pulsar Pro, across 148 multifamily housing properties throughout the state of Washington.

Out of the 933 funds tracked by Insider Monkey, 8 hedge had stakes in Wallbox NV (NYSE:WBX).

Unlike Tesla Inc (NASDAQ:TSLA), General Motors Co (NYSE:GM) and Ford Motor Co (NYSE:F), which are highly popular car companies, WBX’s hedge fund sentiment is low.

10. Zapp Electric Vehicles Group Ord Shs (NASDAQ:ZAPP)

Number of Hedge Fund Investors: 9

British electric motorcycle company Zapp Electric Vehicles Group Ord Shs (NASDAQ:ZAPP) is one of the best EV penny stocks to invest in according to hedge funds. Earlier this month Zapp Electric Vehicles Group Ord Shs (NASDAQ:ZAPP) said it will implement a consolidation of its authorized share capital at a ratio of 1-for-20. The stock jumped about 3% after this news.

Insider Monkey’s database of 933 hedge funds shows that 9 funds had stakes in Zapp Electric Vehicles Group Ord Shs (NASDAQ:ZAPP) as of the end of 2023.

9. Gogoro Inc (NASDAQ:GGR)

Number of Hedge Fund Investors: 11

Taiwan-based battery-swapping refueling platform company Gogoro Inc (NASDAQ:GGR) is one of the top EV penny stocks to invest in according to smart money investors.

Of the 933 hedge funds tracked by Insider Monkey, 11 hedge funds reported owning stakes in Gogoro Inc (NASDAQ:GGR).

8. Polestar Automotive Holding American Depositary Shares Class C-1 (NASDAQ:PSNYW)

Number of Hedge Fund Investors: 11

Polestar Automotive Holding American Depositary Shares Class C-1 (NASDAQ:PSNYW) is a Sweden-based EV company, owned by Volvo Cars. Polestar Automotive Holding American Depositary Shares Class C-1’s (NASDAQ:PSNYW) CEO recently said that Polestar Automotive Holding American Depositary Shares Class C-1 (NASDAQ:PSNYW) plans to sell more EVs outside China amid geopolitical tensions and risks of more tariffs on Chinese imports.

Polestar Automotive Holding American Depositary Shares Class C-1 (NASDAQ:PSNYW) delivered 54,600 cars in 2024 and is targeting 155,000 to 165,000 deliveries in 2025.

7. Evgo Inc (NASDAQ:EVGO)

Number of Hedge Fund Investors: 12

EV charging network company Evgo Inc (NASDAQ:EVGO) ranks seventh in our list of the best EV penny stocks to invest in according to smart money investors.

Last month, RBC Capital upgraded Evgo Inc (NASDAQ:EVGO) stock to Outperform from Sector Perform, saying, saying the current high interest rate environment and barriers to entry in the industry is Evgo Inc’s (NASDAQ:EVGO) competitive moat.

6. Nikola Corp (NASDAQ:NKLA)

Number of Hedge Fund Investors: 12

Battery electric vehicles (BEV) and hydrogen fuel cell electric vehicles (FCEV) company Nikola Corp (NASDAQ:NKLA) ranks sixth in our list of the best EV penny stocks to buy according to hedge funds. Insider Monkey’s proprietary database of 933 hedge funds shows that 12 hedge funds had stakes in Nikola Corp (NASDAQ:NKLA) as of the end of 2023.

The biggest stake in Nikola Corp (NASDAQ:NKLA) is owned by Anand Parekh’s Alyeska Investment Group valued at $28.3 million. Unlike Tesla Inc (NASDAQ:TSLA), General Motors Co (NYSE:GM) and Ford Motor Co (NYSE:F), which are highly famous among smart money investors, NKLA’s hedge fund sentiment is low.

Click to continue reading and see 5 Best EV Penny Stocks to Buy.

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Disclosure. None. 11 Best EV Penny Stocks to Buy was initially published on Insider Monkey.

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AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

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The “Toll Booth” Operator of the AI Energy Boom

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The Hedge Fund Secret That’s Starting to Leak Out

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A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff

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