8 Best EV Penny Stocks to Invest in Now

3. Commercial Vehicle Group, Inc. (NASDAQ:CVGI)

Number of Hedge Fund Holders: 13

Share Price: $3.03

Commercial Vehicle Group, Inc. (NASDAQ:CVGI) is a supplier of systems, assemblies, and components for the commercial vehicle, electric vehicle, and industrial automation industries. The company operates manufacturing facilities in several countries, including the U.S., Mexico, China, and others, with products sold mainly in North America, Europe, and the Asia-Pacific region. Its products serve some important markets such as North American commercial truck manufacturers, OEMs, and e-commerce retailers.

On September 20, TipRanks reported that Barrington analyst Gary Prestopino reaffirmed a Buy rating for Commercial Vehicle (NASDAQ:CVGI) with a price target of $6. His positive outlook is driven by the company’s growth in the electric vehicle market through its Electrical System segment, securing $150 million in new business for 2023, along with an additional $80 million year-to-date.

The company is also restructuring and reducing costs, including cutting its workforce by over 10%. In addition, on October 2, it announced the completion of the sale of its Cab Structures business in Kings Mountain, North Carolina, to a Volvo Group company. The company received $40 million from the sale, with $20 million paid in September and the remainder in October.

Commercial Vehicle’s (NASDAQ:CVGI) CEO James Ray, described the transaction as beneficial for both companies as it aligns with the company’s strategic focus on higher-growth markets. He also highlighted that the Kings Mountain employees would transition smoothly into Volvo’s operations.