8 Best EV Penny Stocks to Invest in Now

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1. ECARX Holdings Inc. (NASDAQ:ECX)

Number of Hedge Fund Holders: 17

Share Price: $1.87

Topping our list of best EV penny stocks is ECARX Holdings Inc. (NASDAQ:ECX), which is an automotive technology company focusing on the automotive sector’s shift towards software-defined vehicles, especially in the electric vehicle and intelligent car markets. As of Q2, its technology is now in over 6.9 million vehicles, with 472,000 added in the quarter, representing a 32% annual growth.

The company continues to expand, working with 17 automotive OEMs across 26 brands. Its technological portfolio is supported by approximately 600 registered patents and over 650 pending applications. In Q2, the company also announced several new vehicle models showing its computing platforms, including Lynk & Co models and Geely’s Galaxy E5.

The latest noteworthy car powered by ECARX (NASDAQ:ECX) is Lynk & Co’s Z10 BEV luxury sedan. It is powered by ECARX’s Makalu computing platform powered by AMD Ryzen Embedded V2000 processors.

The Makalu platform uses AMD Ryzen Embedded processors with integrated Radeon Graphics and provides advanced 3D graphics, security, and entertainment features. ECARX’s Cloudpeak software stack supports the platform’s performance, integrating infotainment and driver assistance systems.

In addition, ECARX (NASDAQ:ECX) began production at its Fuyang facility in the second quarter to improve its vertical integration strategy to reduce costs and improve efficiency. The company remains optimistic about continued growth, driven by technological innovation, global expansion, and diversified customer relationships.

While we acknowledge the potential of ECARX Holdings Inc. (NASDAQ:ECX) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than ECX but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.

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