EV Penny Stocks List: From $10 to Under $1

4. Lucid Group Inc. (NASDAQ:LCID)

Number of Hedge Fund Holders: 24

Share Price as of April 16 2025: $2.44

Lucid Group Inc. (NASDAQ:LCID) is a technology company that designs, manufactures and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for lucid vehicles. It is one of the companies seen as a valid competitor of Tesla in the EV space. The company boasts two flagship models, The Lucid Air and the Lucid Gravity. In addition, the company is planning to release three new models as it seeks to capitalize on the growing demand for EVs.

On April 3, Cantor Fitzgerald reaffirmed its Overweight rating on the stock with a $3 price target. The bullish rating comes at a time when Lucid Group Inc. (NASDAQ:LCID) is seeing a significant jump in orders for its electric vehicles, especially from Tesla owners. The surge in demand also comes on the company introducing the Gravity SUV platform as it seeks to take on the Tesla Model X. The introduction has strengthened its prospects in the luxury market.

Lucid Group Inc. (NASDAQ:LCID) delivered a fourth-quarter 2024 revenue of $234.5 million and an annual revenue of $807.8 million. It also ended the year with $6.13 billion in total liquidity. Amid the solid liquidity levels and soaring demand for EVs, Lucid has confirmed plans to acquire facilities and assets that belonged to bankrupt electric and hydrogen power truck maker Nikola. The acquisition is part of an expansion plan targeting growth opportunities in the burgeoning EV space.