8 Best EV Penny Stocks to Invest in Now

4. Polestar Automotive Holding UK PLC (NASDAQ:PSNY)

Number of Hedge Fund Holders: 12

Share Price: $1.32

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is a Swedish electric vehicle manufacturer that operates using an “asset-light” model and uses production facilities from Volvo and Geely in countries like China, the U.S., and South Korea. Originally a motorsport team named Flash Engineering, it later became Polestar Racing, Volvo’s performance partner, before Volvo acquired it in 2015 and refocused it on electric vehicles.

Its lineup includes the hybrid Polestar 1, limited to 1,500 units and discontinued in 2022, and fully electric models Polestar 2, 3, and 4. In August, Polestar began production of the Polestar 3 SUV in South Carolina to serve both U.S. and European markets, a strategic move to mitigate tariffs on Chinese-made vehicles. It is also the first model from the brand to be manufactured on two continents.

In Q3, Polestar (NASDAQ:PSNY) delivered around 11,900 vehicles, bringing the total for the year to 32,300. The company aims to achieve a positive gross profit margin by Q4 while expecting revenue to remain similar to 2023. The company plans to provide a strategic business update on January 16, 2025. To focus on its long-term objectives and yearly performance, it has opted for a more limited Q3 report. The company takes the 4th spot on our list of best EV penny stocks.