In this article, we will discuss 10 EV penny stocks to buy now. If you want to read our detailed analysis of the EV industry, major players, and future outlook, you can go to 10 EV Penny Stocks to Buy Now.
5. Electrameccanica Vehicles Corp. (NASDAQ:SOLO)
Number of Hedge Fund Holders: 10
Share Price as of March 30: $2.37
Electrameccanica Vehicles Corp. (NASDAQ:SOLO) manufactures and sells electric vehicles in Canada. The company operates in two segments: Electric Vehicles and Custom Build Vehicles. The company’s flagship product is the SOLO, a single-seat vehicle. The company is also developing Tofino, an all-electric two-seater roadster. This March, Electrameccanica Vehicles Corp. (NASDAQ:SOLO) announced earnings for the fiscal fourth quarter of 2021. The company’s quarterly revenue came to $1.51 million, up 1,307.36% year over year, outperforming market consensus by $0.48 million.
On February 15, 2022, Electrameccanica Vehicles Corp. (NASDAQ:SOLO) announced a collaboration with Faction Technology to test Faction’s driverless and remote vehicle operation technology on the SOLO EV Platform. Faction Technologies is working in the domain of autonomous driving, and its AI is trained to detect patterns of when a vehicle needs guidance from an operator. ElectraMeccanica Vehicles Corp. (NASDAQ:SOLO) and Faction Technologies are moving towards the pilot deployment of a driverless demonstration of up to 24 SOLO EVs over the next 12 months.
By the end of the fourth quarter of 2021, Electrameccanica Vehicles Corp. (NASDAQ:SOLO) was spotted on 10 hedge fund portfolios that had total stakes worth $6.77 million in the company. This is compared to 8 positions in the prior quarter, with total stakes of $5.25 million. The hedge fund sentiment for the stock is positive.
According to Insider Monkey’s database, Millennium Management was the most prominent stakeholder in Electrameccanica Vehicles Corp. (NASDAQ:SOLO) at the close of the fourth quarter of 2021. The fund upped its previous stakes in the company by 151%, and as of February 23, 2022, has stakes worth more than $4.74 million in the company.
4. REE Automotive Ltd. (NASDAQ:REE)
Number of Hedge Fund Holders: 10
Share Price as of March 30: $1.97
REE Automotive Ltd. (NASDAQ:REE) is an Israel-based electric vehicle technology company that operates in the e-mobility business. The company develops REEcorner technology, which integrates vehicle drive components, including steering, braking, suspension, powertrain, and control into the arch of the wheel. The company also develops REEboard which is a flat and modular EV chassis. This March, Wells Fargo analyst Lawrence Biegelsen initiated coverage of Ree Automotive Ltd. (NASDAQ:REE) with an Underweight rating and a $1 price target.
Last November, REE Automotive Ltd. (NASDAQ:REE) announced that it has entered into a strategic collaboration with American Axle & Manufacturing, Inc. (NYSE:AXL) to supply high-performance electric drive units in a modular platform that can support multiple customer vehicle programs. Both companies announced plans to develop a new electric propulsion system that integrates REE Automotive Ltd.’s (NASDAQ:REE) REEcorner technology into Axle & Manufacturing, Inc.’s (NYSE:AXL) electric drive units which will enable a fully flat EV chassis for multiple commercial vehicle applications. Prototyping is underway as of the close of 2021, and full-volume production is expected by 2024.
Insider Monkey spotted REE Automotive Ltd. (NASDAQ:REE) on 10 hedge fund portfolios at the end of the fourth quarter of 2021. These funds had collective stakes of $21.07 million in the company.
3. Arrival (NASDAQ:ARVL)
Number of Hedge Fund Holders: 11
Share Price as of March 30: $4.03
Arrival (NASDAQ:ARVL) is a British electric vehicle manufacturer that focuses on the design, assembly, and distribution of commercial electric vehicles worldwide. The company’s portfolio consists primarily of lightweight commercial vehicles including EV vans, buses, and cars. Last December, UBS analyst Steven Fisher initiated coverage of Arrival (NASDAQ:ARVL) with a Neutral rating and a $10 price target.
On December 16, 2022, Arrival (NASDAQ:ARVL) unveiled its first finished prototype of the Arrival Car, specifically designed for the ride-hailing industry. The Arrival Car is designed in a way to maximize comfort, reduce costs, and offer increased security, being wary of the fact that ride-hailing cars are expected to drive almost 5 times more than a typical car annually. The Arrival Car boasts legroom twice as large as that of an average car of the same length.
On December 28, 2022, Arrival (NASDAQ:ARVL) announced the commencement of trials of the company’s Arrival Bus in the UK. The vehicles will be undergoing validation and road testing before being legalized. Arrival (NASDAQ:ARVL) is expected to begin production for its electric Bus during the second quarter of 2022.
Insider Monkey was able to identify 11 hedge funds having stakes in Arrival (NASDAQ:ARVL) by the end of the fourth quarter of 2021. The combined stakes of these funds equaled $14.74 million, up from $10.0 million in the third quarter of 2021 with 4 identified positions. As of March 25, 2022, Millennium Management is the most prominent shareholder in Arrival (NASDAQ:ARVL), having stakes worth $4.28 million in the company.
2. Volta Inc. (NYSE:VLTA)
Number of Hedge Fund Holders: 14
Share Price as of March 30: $3.33
Volta Inc. (NYSE:VLTA) is an American electric vehicle infrastructure company. Volta charging stations are compatible with all major plug-in hybrid and battery electric vehicle types in the United States and are equipped with digital screens that run advertisements. This February, Canaccord analyst Jed Dorsheimer initiated coverage of Volta with a Buy rating and a $10 price target, citing the company’s “unique” charging and media business model as an opportunity for investors to identify the upside of electric vehicle stocks as electric vehicles become more common and installing of EV charging stations increases.
On February 8, 2022, Volta Inc. (NYSE:VLTA) announced new contracts for the installation of DC Fast and AC charging stations in European markets: Switzerland, Germany, and France. The company has installed Volta stalls in France and has signed partnership deals with Switzerland and Germany. Volta Inc. (NYSE:VLTA) plans on continuing exploring European markets and will work on installing its charging stations at commercial properties and retail locations in Europe through 2022. Moreover, on February 14, 2022, Volta Inc. (NYSE:VLTA) announced the expansion of its collaboration with Walgreens Boots Alliance, Inc. (NASDAQ:WBA) to install 1,000 DC fast charging stalls at over 500 Walgreens retail outlets spread throughout the United States.
Out of the 924 elite hedge funds being tracked by Insider Monkey as of the fourth quarter of 2021, 14 held stakes in Volta, Inc. (NYSE:VLTA) worth more than $27.44 million.
1. Xos Inc. (NASDAQ:XOS)
Number of Hedge Fund Holders: 16
Share Price as of March 30: $3.20
Xos Inc. (NASDAQ:XOS) manufactures fully electric, zero-emission medium and heavy-duty commercial vehicles, powertrain components, and charging infrastructure. The company focuses on developing innovative technologies for its fleet of vehicles which includes step vans, box trucks, and vocational vehicles in an eco-friendly manner.
Last December, Goldman Sachs analyst Jerry Revich initiated coverage of Xos Inc. (NASDAQ:XOS) with a Neutral rating and a $4.25 price target and had a positive outlook on the company’s low-cost product strategy supported by its vertically integrated battery pack and proprietary battery management technologies.
This February, Xos Inc. (NASDAQ:XOS) revealed a video that showed a truck built at CITE Armored, a leader in custom security manufacturing for Loomis (STO:LOOMIS). Moreover, on March 8, 2022, Xos Inc. (NASDAQ:XOS) announced entering a strategic collaboration with Merchants Fleet. The partnership is aimed at helping Merchants Fleet expand its offering of electric fleet vehicles by purchasing EV step vans from Xos Inc. (NASDAQ:XOS). The first 10 step vans are expected to be delivered to Merchants Fleet in 2022.
On March 28, 2022, Xos Inc. (NASDAQ:XOS) reported earnings for the fiscal fourth quarter of 2021, in which the company beat estimates. According to Xos Inc.’s (NASDAQ:XOS) earnings report, the company’s revenue came to $3.30 million, outperforming market consensus by $0.44 million. As of March 30, 2022, Xos Inc. (NASDAQ:XOS) is worth $542.47 million on the open market and has gained 13.65% year to date.
By the end of the fourth quarter of 2021, 16 hedge funds held stakes in Xos Inc. (NASDAQ:XOS) worth over $5.51 million. Of these, Antara Capital was the most prominent stakeholder in the company, owning 500,000 shares of the stock which amount to a stake value of $1.57 million. The investment covers 0.07% of Antara Capital’s Q4 2021 investment portfolio.
You can also take a look at 21 Best Electric Cars of 2021 and 15 Best Electric Car Stocks to Buy Now.
