8 Best EV Penny Stocks to Invest in Now

5. Lotus Technology Inc. (NASDAQ:LOT)

Number of Hedge Fund Holders: 11

Share Price: $4.45

Lotus Technology Inc. (NASDAQ:LOT) designs and sells electric lifestyle vehicles globally, including including high-performance sports cars under the Lotus brand. A division of the prestigious British Lotus Group, the company has capitalized on its rich history of innovation and performance to make a strong impact in the EV market. It is one of the best EV penny stocks.

The Lotus Evija, introduced in 2019, marked the company’s first all-electric hypercar, featuring a 70 kWh battery developed in partnership with Williams Advanced Engineering. This model represented a significant milestone in the company’s transition to electric mobility.

In 2023, Lotus (NASDAQ:LOT) expanded its EV lineup with the launch of the Eletre, an electric SUV with a 600 km range, and the Emeya, a luxury hyper-GT that accelerates from 0 to 100 km/h in 2.8 seconds. These models highlight the company’s push into sustainable mobility while preserving its high-performance legacy.

In the first nine months of 2024, Lotus (NASDAQ:LOT) reported delivering 7,543 vehicles, representing a $134% year-over-year growth. Deliveries were evenly distributed across Europe, China, North America, and other regions, each contributing 20-35%. In Q3 2024, the Emeya was delivered in Europe, while the Eletre reached markets like the GCC, Japan, and Korea. In September, the company introduced the Eletre Carbon, a high-performance SUV for North America, with deliveries expected in 2025.

Bespoke and collection versions of both the Eletre and Emeya also began deliveries in Q3. Additionally, the company also unveiled its innovative Theory 1 concept car, showing advanced technology and sustainable design.

Lotus Group’s Vice President of Design, Ben Payne said about Theory 1:

“With Theory 1, we’ve built on everything Lotus has achieved so far in its 76-year history, to push the boundaries for what it means to drive a performance vehicle. We want to demonstrate that you don’t need to compromise – with both digital and analogue capabilities working harmoniously in the future car. In doing this, we are able to bring drivers the best possible immersive driving experience with raw emotion, functionality and connectivity, at the core.”