In this article, we will discuss the 5 best EV stocks under $5. If you want to see more bargain EV stocks and read our discussion of the EV industry, go directly to the 10 Best EV Stocks Under $5.
5. Electrameccanica Vehicles Corp. (NASDAQ:SOLO)
Stock Price as of August 3: $1.580
Number of Hedge Fund Holders: 9
Electrameccanica Vehicles Corp. (NASDAQ:SOLO) is a Canadian vehicle manufacturer that operates in the EV segment through its cost-effective single-seater and three-wheel variant SOLO.
Electrameccanica Vehicles Corp.’s (NASDAQ:SOLO) EV provides a top speed of 80mph, a range of 40 miles, and sells at a retail price of $18,500. The EV charges from 0% to 85% in two-and-a-half hours on a level two charger. The sale of EVs is expected to compound at an average rate of 34% annually to reach four million by 2030 as the world is transitioning from conventional fuel-powered vehicles. The U.S government is also injecting $7.5 billion as part of its infrastructure bill into developing EV charging capabilities across the U.S, which will benefit a company like Electrameccanica Vehicles Corp. (NASDAQ:SOLO).
Overall, 9 hedge funds reported owning a stake in Electrameccanica Vehicles Corp. (NASDAQ:SOLO) as of Q1 2022.
4. Kandi Technologies Group, Inc. (NASDAQ:KNDI)
Stock Price as of August 3: $2.520
Number of Hedge Fund Holders: 11
Kandi Technologies Group, Inc. (NASDAQ:KNDI) is a Chinese battery and EV manufacturer.
The company received approval for its K22 and EX3 EV from the National Highway Traffic Administration in 2019 and shipped 50 to 100 EVs to the U.S in the same year. Kandi Technologies Group, Inc. (NASDAQ:KNDI) is considered an attractive play on the EV market because it manufactures and distributes a wide range of parts and specialty vehicles, the most prominent being its self-balancing scooters.
Unlike some Chinese companies that are considering listing on the Hong Kong Stock Exchange for fears of being delisted from the U.S stock markets, Kandi Technologies Group, Inc. (NASDAQ:KNDI) plans to fulfill the listing requirements of the U.S markets and remain listed. The stock has been trading on the U.S market for over a decade.
The number of hedge funds holding a stake in Kandi Technologies Group, Inc. (NASDAQ:KNDI) increased from 9 in the fourth quarter of 2021 to 11 in Q1 2022.
3. Workhorse Group Inc. (NASDAQ:WKHS)
Stock Price as of August 3: $4.060
Number of Hedge Fund Holders: 11
Workhorse Group Inc. (NASDAQ:WKHS) is a Sharonville, Ohio-based manufacturer of commercial-grade, high-performance, medium-duty last-mile electric delivery vans that have a range of around 100 miles.
Workhorse Group Inc. (NASDAQ:WKHS) has developed a cloud-based and real-time fleet monitoring system. The company claims that its vehicles have covered 8.5 million miles on the road. Furthermore, Workhorse Group Inc. (NASDAQ:WKHS) has revealed initial purchase orders for the W750 and is targeting record production during the second-half of the year. Workhorse Group Inc. (NASDAQ:WKHS) also has additional top-line potential through its Aviation business. The company has overcome concerns related to its C1000 electric van and has sold 250 vehicles this year to generate revenue of $25 million.
At the end of Q1 2022, 11 funds held a stake in Workhorse Group Inc. (NASDAQ:WKHS).
2. Lordstown Motors Corp. (NASDAQ:RIDE)
Stock Price as of August 3: $2.930
Number of Hedge Fund Holders: 13
Lordstown Motors Corp. (NASDAQ:RIDE) is an Ohio-based EV company which operates a production facility that previously belonged to General Motors Company (NYSE:GM).
Some experts consider Lordstown Motors Corp. (NASDAQ:RIDE) similar to what Tesla, Inc. (NASDAQ:TSLA) was around ten years ago. Lordstown Motors Corp. (NASDAQ:RIDE) has reached an agreement with Foxconn that will help it raise capital for the mass production of Endurance, the company’s flagship light-duty electric-powered pickup truck. Lordstown Motors Corp. (NASDAQ:RIDE) is on track to deliver 500 vehicles this year. Analysts expect the company’s annual production to rise to 2,500 vehicles in 2023 and 10,000 vehicles in 2024.
Lordstown Motors Corp. (NASDAQ:RIDE) was held by 13 elite funds at the end of Q1 2022.
1. Canoo Inc. (NASDAQ:GOEV)
Stock Price as of August 3: 3.740
Number of Hedge Fund Holders: 19
Canoo Inc. (NASDAQ:GOEV) is a Torrance, California-based developer and manufacturer of EVs that is on track to sell a lifestyle vehicle this year. Canoo Inc. (NASDAQ:GOEV) is looking into exploring the commercial EV segment by developing and manufacturing electric vans for rental and ride-sharing services.
In a note issued to investors on July 14, Jaime Perez at R. F. Lafferty maintained a ‘Buy’ rating on Canoo Inc. (NASDAQ:GOEV) stock and assigned it a target price of $17. The development took place after the company reached an EV fleet purchase agreement with Walmart, Inc. (NYSE:WMT). The contract is valued at $300 million and requires Canoo Inc. (NASDAQ:GOEV) to deliver 10,000 vehicles. Perez anticipates the company will generate $700 million in revenue in 2023, which is on the lower end of management’s guidance of 14,000 to 16,000 deliveries next year. Canoo Inc. (NASDAQ:GOEV) was also awarded a contract by the U.S military on July 19, which requires them to deliver an EV for analysis and demonstration.
At the end of Q1 2022, 19 hedge funds held a stake in Canoo Inc. (NASDAQ:GOEV).
You can also take a peek at 10 Best Stocks For Inflation According to Redditors and 7 Energy Stocks to Buy Now According to Billionaire Leon Cooperman.
