8 Best EV Penny Stocks to Invest in Now

6. VinFast Auto Ltd. (NASDAQ:VFS)

Number of Hedge Fund Holders: 8

Share Price: $4.23

One of the best EV penny stocks, VinFast Auto Ltd. (NASDAQ:VFS) has made significant progress in the electric mobility sector, focusing on the design and production of EVs, e-scooters, and e-buses. The company offers a diverse lineup, including models such as the VF 5, VF 6, VF 7, VF 8, VF 9, and VF e34, catering to a range of consumer needs from A-SUVs to E-SUVs.

In the first half of 2024, the company delivered 21,747 vehicles, showing a remarkable 92% increase compared to the same period in 2023. The company aims to achieve approximately 80,000 EV deliveries by the end of the year, significantly up from the 34,855 vehicles delivered in 2023.

On October 22, VinFast (NASDAQ:VFS) announced that it delivered 21,912 EVs in the third quarter of 2024, representing a 66% increase from the previous quarter and a 116% increase year-over-year.

September was a strong month for the company, with over 9,300 EVs delivered in Vietnam as it achieved the highest monthly deliveries for the company in the domestic market. The milestone marks the first time a Vietnamese EV brand has surpassed all international competitors to become the market leader in Vietnam’s automotive industry.

VinFast (NASDAQ:VFS) is actively expanding its global presence, especially in Indonesia, where it has signed agreements with five dealership partners and opened its first store in April.

By late summer, the company launched 15 additional dealer stores in the region. It is also establishing itself in Thailand with partnerships involving 15 initial dealers and has secured dealership agreements in the Middle East, including Oman and Qatar, where a showroom in Doha is set to open in the third quarter of 2024.

We also covered the stock in our September 12 article about the best EV stocks to buy for the long term, and VinFast (NASDAQ:VFS) shares have gained nearly 7% since it was posted. The company takes the 6th spot on our list of best EV penny stocks.