In this piece, we will take a look at EV Penny Stocks List: From $10 to Under $1.
The global electric vehicle (EV) market is on a roll despite the ever-growing tariff turmoil triggered by US President Donald Trump. That was clear as EV sales increased by 29% in the first quarter, to 4.1 million on the sale of 1.7 million units in March.
China, which continues to lead the world in EV adoption, reported a 36% year-over-year increase in EV sales in Q1, with sales in March alone topping 1 million units, a record last seen in August 2024. Due to the minimal cross-border EV sales, China is unlikely to experience significant impacts from the US-China tariff dispute. While North American EV sales were up by 16% in the first quarter, adding to the 7.3% increase in 2024, the market’s long-term outlook remains unclear. That’s in part to Trump’s imposition of substantial tariffs on auto parts and other equipment that automakers need to ramp up the development of EVs.
The 25% tax imposed in February on cars imported from Canada and Mexico and a larger levy imposed in March on all auto imports is anticipated to trigger a significant increase in EV prices. The impact on affordability and market dynamics is probably substantial, given that about 40% of US EV sales are imported from nations like Mexico, Korea, and Japan.
Approximately two-thirds of the electric vehicles sold in the US last year were manufactured domestically, but, like all contemporary cars, the necessary parts and components are procured from various countries worldwide. The ongoing, intense trade conflict with China, the leading global supplier of materials for EV batteries, will further complicate the market.
Additionally, there is substantial speculation that the new administration may undo the electric vehicle sales incentives established during the Biden administration, casting a shadow over the outlook for EV sales in the second quarter and beyond.
Consequently, the remainder of 2025 is expected to be a tumultuous period for electric vehicle sales in the United States, even with the launch of new products and appealing incentives. Should the new automobile tariffs remain in place, they will create a significant obstacle for numerous automakers, mainly because of the tariffs applied to steel and, crucially for EVs, aluminium.
Amid the headwinds, analysts expect 2025 to be a strong year for EV sales in the US, building on the positive momentum in 2024. Likewise, the stocks of companies exposed to the electric vehicle spectacle should be the biggest beneficiary, especially penny stocks trading at highly discounted valuations.
A line of electric vehicles being produced in a Massachusetts-based production facility.
Our Methodology
To compile this list, we focused on companies within the EV industry, sourced from ETFs trading below $10 as of April 16. From this group, we identified 10 stocks most preferred by institutional investors, including those priced under $1. The leading EV penny stocks are ranked in ascending order based on hedge fund sentiment, derived from Insider Monkey’s database of 1,009 hedge funds as of Q4 2024.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
EV Penny Stocks List: From $10 to Under $1
15. CBAK Energy Technology, Inc. (NASDAQ:CBAT)
Number of Hedge Fund Holders: 1
Share Price as of April 16 2025: $0.70
CBAK Energy Technology, Inc. (NASDAQ:CBAT) develops, manufactures, and sells high-power lithium-ion and sodium-ion batteries. It specializes in battery technology and solutions for various applications, including energy storage systems, light electric vehicles, and other high-power devices.
On April 14, the company partnered strategically with Kandi Technologies to establish two lithium battery production facilities in the United States. The collaboration is positioned to yield high energy-density battery systems optimized explicitly for off-road and power sports vehicles. The strategic partnership also allows CBAK Energy Technology, Inc. (NASDAQ:CBAT) to capitalize on North America’s increasing demand for off-road vehicles. Additionally, the two companies should take advantage of clean energy incentives provided by the US.
Expansion into the US follows, with CBAK Energy Technology, Inc. (NASDAQ:CBAT) bouncing to profitability in fiscal 2024. The company achieved a net income of $11.79 million, an improvement from a net loss of $2.45 million for fiscal 2023. The company posted a net income despite revenues dropping 13.61% year over year to $176.61 million.
14. VinFast Auto Ltd (NASDAQ:VFS)
Number of Hedge Fund Holders: 5
Share Price as of April 16 2025: $3.25
VinFast Auto Ltd (NASDAQ:VFS) is an automotive company that designs and manufactures electric vehicles (EVs), e-scooters, and e-buses. The company has been expanding its global presence as it looks to capitalize on growing demand for electric vehicles. Its competitive edge stems from offering competitively priced EVs while leveraging vertical integration and accessing diverse markets.
On March 24, Cantor Fitzgerald analysts reiterated an Overweight stock rating with a $6 price target. The firm echoed VinFast Auto Ltd’s (NASDAQ:VFS) ambitious expansion plans and robust vehicle delivery numbers. VinFast Auto delivered 97,399 vehicles in 2024, backed by a range of seven EV models. Additionally, it reiterated plans to broaden its product lineup to include electric buses and scooters.
VinFast Auto Ltd (NASDAQ:VFS) also plans to start production of EVs at its new facilities in India and Indonesia to meet the growing demand for EVs in the Southeast Asian markets. On April 11, it also announced a strategic partnership with six distributors to open 60 new showrooms in the Philippines.
13. Niu Technologies (NASDAQ:NIU)
Number of Hedge Fund Holders: 5
Share Price as of April 16 2025: $3.09
Niu Technologies (NASDAQ:NIU) is an auto company that designs, manufactures, and sells high-performance smart electric vehicles. It offers electric scooters, motorcycles, e-bikes, and kick-scooters, with a focus on providing smart urban mobility solutions. The Chinese company delivered better-than-expected first quarter results on April 4, affirming strong demand for smart mobility solutions.
In the first quarter of 2025, Niu Technologies (NASDAQ:NIU) sold 203,313 units, representing a 57% increase year over year. Sales in China were up 66%, driven by the successful execution of its product and channel strategies. Robust sales in China also came as the company benefited from a government program aimed at boosting consumer spending.
The solid start to the New Year comes on Niu Technologies (NASDAQ:NIU) returning to revenue growth in 2024 as its annual revenue increased 24% to $451 million. Its net loss also narrowed to $9.86 million from $17.69 million the previous year.
12. Zapp Electric Vehicles Group Ltd (NASDAQ:ZAPP)
Number of Hedge Fund Holders: 8
Share Price as of April 16 2025: $0.59
Zapp Electric Vehicles Group Ltd (NASDAQ:ZAPP) and its subsidiaries design, manufacture, and sell electric vehicles under the Zapp brand. The stock has been under pressure due to the 50% slide over the past year. The selloff comes on the company posting a $222 million loss in 2024. Amid the underperformance, the company has made significant strides in its pursuit of growth opportunities in the electric vehicle space.
Zapp Electric Vehicles Group Ltd (NASDAQ:ZAPP) has already achieved significant regulatory milestones in securing approval to sell its i300 electric vehicle in the UK. Combined with previously obtained European Community Whole Vehicle Type Approval, Zapp Electric Vehicle remains well poised to pursue growth opportunities in the European electric vehicle market.
Zapp Electric Vehicles Group Ltd (NASDAQ:ZAPP) can sell i300s outside of Europe in nations that accept EU certification, including bringing up to 2,500 units annually to India from its reference micro-factory in Thailand. The company is also adding more authorized resellers across Europe to its sales and support network, which now consists of its experience center in Bicester Heritage Park, UK.
11. Polestar Automotive Holding UK PLC (NASDAQ:PSNY)
Number of Hedge Fund Holders: 10
Share Price as of April 16 2025: $1.03
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is a Swedish electric performance car brand that manufactures and sells premium electric vehicles. It focuses on combining cutting-edge technology, sustainable design, and a commitment to improving society through electric mobility. Known for its performance-oriented EVs, the company is working to expand its product lineup as it targets compound annual retail sales volume growth of 30-35% from 2025 to 2027.
On April 16, Polestar Automotive Holding UK PLC (NASDAQ:PSNY) confirmed the termination of its strategic partnership with technology firm Xingji Meizu Group. The termination paves the way for the transfer of digital and other assets from the joint venture, which should allow Polestar to resume sales, customer service, and distribution in the Chinese market.
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) remains committed to pursuing growth opportunities in the Chinese EV market as part of its long-term strategy for growth and innovation. The company is also pushing on its aggressive growth strategy that entails having five performance EVs by 2026. It’s on course to start production of Polestar 4 in South Korea in the second half of the year. It has also established a new production facility in Charleston, South Carolina.
10. Lotus Technology Inc. (NASDAQ:LOT)
Number of Hedge Fund Holders: 11
Share Price as of April 16 2025: $1.32
Lotus Technology Inc. (NASDAQ:LOT) is a luxury electric vehicle (EV) manufacturer. It designs, develops, and sells luxury lifestyle vehicles, including SUVs and sedans, under the iconic Lotus brand, with a focus on electrification and sustainability. While the stock has imploded significantly as it continues to deliver robust financial results, Lotus Technology Inc. (NASDAQ:LOT) delivered significant growth in vehicle deliveries for 2024, confirming a 70% increase from the previous year to 12,065 units.
While a majority of its deliveries come from China, it remains the leading luxury brand in terms of growth rate. The company plans to boost its global deliveries by 20% in 2025 as it seeks to capitalize on growing demand for EVs.
On March 13, Lotus Technology Inc. (NASDAQ:LOT) moved to strengthen its autonomous driving division by establishing a strategic partnership with CaoCao Mobility. The partnership paves the way for the launch of an intelligent mobility platform for robotaxis.
9. Commercial Vehicle Group, Inc. (NASDAQ:CVGI)
Number of Hedge Fund Holders: 12
Share Price as of April 16 2025: $0.85
Commercial Vehicle Group, Inc. (NASDAQ:CVGI) is an auto parts company that provides systems, assemblies, and components to the vehicle and electric vehicle markets. While the stock has underperformed over the past year, management has moved to reinvigorate growth prospects. Consequently, it has announced an organizational restructuring, reorganizing the company into three divisions: Global Electrical Systems, Global Seating, and Trim Systems and Components.
The restructuring follows a push to streamline operations and reduce costs. Additionally, the restructuring is expected to enhance market focus and operational efficiency while reducing corporate and administrative costs. The restructuring drive came on Commercial Vehicle Group, Inc. (NASDAQ:CVGI) delivering disappointing Q4 2024 results. Revenue in the quarter totaled $163.3 million, missing the consensus estimate of $220.49 million.
The lower-than-expected net loss came amid softening demand in construction and agriculture markets and lower-class eight heavy trucks builds. Nevertheless, Commercial Vehicle Group, Inc. (NASDAQ:CVGI) remains well positioned to bounce back to growth, with management projecting revenue of between $670 million and $710 million for 2025, which aligns with analyst expectations. The expected growth should come on Commercial Vehicle Group ramping up new business wins totaling $97 million in its Electrical Systems segment.
8. Solid Power, Inc. (NASDAQ:SLDP)
Number of Hedge Fund Holders: 13
Share Price as of April 16 2025: $1.07
Solid Power, Inc. (NASDAQ:SLDP) is an auto parts company that develops and sells solid-state battery technologies for electric vehicles (EV) and other markets. Its edge as one of the best EV players stems from working closely with established automakers, such as BMW and SK On, on developing competitive solid-state battery technology for the auto industry.
Solid Power, Inc. (NASDAQ:SLDP) has already extended its joint development agreement with Ford Motor. The strategic collaboration seeks to enhance the development of solid-state battery technology, which is expected to unlock new growth opportunities for the auto parts company. In addition, the company is negotiating a $50 million grant from the US Department of Energy to enhance its production capacity to capitalize on the growing demand for batteries in the EV space.
Solid Power, Inc. (NASDAQ:SLDP) delivered solid 2024 results characterized by a 2.7 million increase in revenues to $20.1 million. The strategic agreement with SK On mostly drove the increase. The company exited the year in a strong liquidity position with $327.5 million in cash and cash equivalents, sufficient to scale its operations.
7. ChargePoint Holdings Inc. (NYSE:CHPT)
Number of Hedge Fund Holders: 14
Share Price as of April 16 2025: $0.60
ChargePoint Holdings Inc. (NYSE:CHPT) is a specialty retail company capitalizing on the proliferation of electric vehicles in North America and Europe. The company specializes in offering charging networks and charging stations in retail, workplace, hospitality and healthcare facilities. While the stock has been under pressure, analysts at Benchmark reiterated a Buy rating on the stock on March 5 with a $3.00 price target. The Buy rating comes on ChargePoint Holdings Inc.’s (NYSE:CHPT) gross profit margin, improving to 24.1% in fiscal 2025 from 5.9% in fiscal 2024.
In addition, it successfully narrowed its net loss to $282.9 million from $457.6 million in fiscal 2024. Revenues in Q4 fiscal 2025 totaled $102 million, well above the expected $101.4 million. ChargePoint expects its Q1 fiscal 2026 revenue to range between $95 million and $105 million, signaling continued growth.
The better-than-expected results came from ChargePoint Holdings Inc.’s (NYSE:CHPT) significant innovation and product development strides, which contributed to its competitive position in the rapidly growing electric vehicle (EV) market. Management remains optimistic about the company bouncing to profitability in fiscal 2026 amid growing demand for charging stations.
6. QuantumScape Corp (NASDAQ:QS)
Number of Hedge Fund Holders: 22
Share Price as of April 16 2025: $3.79
QuantumScape Corp (NASDAQ:QS) is an auto parts company that focuses on developing and commercializing solid-state lithium-metal batteries for electric vehicles and other applications. The company is increasingly working on solid-state batteries that have demonstrated fast charging capabilities and high energy density.
It has also initiated a strategic partnership with Volkswagen’s battery company, PowerCo, to expedite the commercialization of solid-state battery technology. The agreement provides PowerCo with a non-exclusive license to leverage QuantumScape Corp’s (NASDAQ:QS) technology platform for the large-scale manufacturing of battery cells.
Volkswagen’s electric vehicle battery division will have the capacity to produce up to 40 gigawatts-hours (GWh) each year, possibly increasing production to as high as 80 GWh. The Volkswagen strategic partnership is essential and could help the company break into the burgeoning electric vehicle space.
5. Indie Semiconductor Inc. (NASDAQ:INDI)
Number of Hedge Fund Holders: 22
Share Price as of April 16 2025: $1.91
Indie Semiconductor Inc. (NASDAQ:INDI) is a semiconductor equipment & materials company that specializes in providing automotive semiconductor and software solutions for advanced driver systems in electric and self-driving vehicles. The company is increasingly empowering the automotive revolution with next-generation semiconductors, photonics, and software platforms. On April 9, Benchmark analyst Cody Acree reiterated a Buy rating and $8.00 price target on the stock following reports that Chief Financial Officer Raja BAL had stepped down.
While Indie Semiconductor Inc. (NASDAQ:INDI) has yet to generate a profit, it has consistently delivered robust revenue growth. Over the last five years, it has grown its revenue by 48%, well above pre-profit companies. The robust revenue growth stems from the company catering to the markets for advanced driver assistance systems, driver automation, and other electrification applications.
The fact that Indie Semiconductor Inc. (NASDAQ:INDI) offers ultrasonic sensors for parking assistance and radar sensors for audio assistance, positioning it for tremendous growth in the self-driving and electric vehicle space. Its iND880 Vision Processor has already been chosen by a Korean OEM for front sensing and occupant monitoring in new EVs, affirming the emerging opportunities for growth.
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.
3. Plug Power Inc. (NASDAQ:PLUG)
Number of Hedge Fund Holders: 24
Share Price as of April 16 2025: $1.00
Plug Power Inc. (NASDAQ:PLUG) is an electrical equipment & parts company that specializes in developing fuel cell product solutions. Its primary product is a fuel cell system that provides power for handling electric vehicles. While the stock went public at $150 in 1999, it has underperformed significantly, having plunged from its record highs of $1498 a share recorded in 2000.
Amid the underperformance, H.C. Wainwright reaffirmed a Buy rating on the stock on March 25, with a $3.00 price target. Plug Power Inc.’s (NASDAQ:PLUG) long-term prospects are showing signs of improvement as the company leads the nascent fuel cell and charging market. Being the largest buyer of liquid hydrogen, it has already deployed more than 69,000 fuel cell systems and 250 fuelling stations.
According to Precedence Research, Plug Power is one company well poised to benefit from the growth, with the global hydrogen fuel cell market projected to reach $27.49 billion by 2034 from $5.23 billion as of 2025, that’s partly because the hydrogen fuel cell company boasts of top customers, including Amazon and Walmart, for its solutions.
Plug Power Inc. (NASDAQ:PLUG) has already finalized a $1.66 billion loan guarantee from the US Department of Energy that it should use to accelerate the construction of hydrogen manufacturing plants. Additionally, analysts expect its revenue to rise by 12% in 2025 to $707 million and net loss to shrink to $602 million from $2.1 billion, affirming underlying growth.
2. Stellantis N.V. (NYSE:STLA)
Number of Hedge Fund Holders: 32
Share Price as of April 16 2025: $9.36
Stellantis N.V. (NYSE:STLA) is an auto manufacturer that designs, manufactures, distributes, and sells automobiles, light commercial vehicles, engines, and transmission systems. The company has already reiterated plans to electrify its vehicle lineup, aiming for 100% battery-electric vehicle sales in Europe and 50% sales in the US by 2030. Consequently, it has committed €50 billion in electrification and launched over 75 BEV models.
Stellantis N.V. (NYSE:STLA) has lost about 50% of its value over the past year but is working on a plan to recover and grow in the EV market. Part of the plan entails exploring powertrain opportunities and the reenter segment that previously existed. The company also plans to invest over $5 billion to expand its manufacturing presence in the US.
Stellantis N.V. (NYSE:STLA) is also in the process of cutting its US inventory, which has skyrocketed to 100,000 vehicles. By cutting its bloated inventory, Stellantis should relieve pressure on dealerships needing to offer huge discounts. Likewise, it is a solid investment play for income-focused investors as the company rewards investors with an 8.02% dividend yield.
1. Ford Motor Company (NYSE:F)
Number of Hedge Fund Holders: 45
Share Price as of April 16 2025: $9.45
Ford Motor Company (NYSE:F) is one of the largest auto manufacturers in the US, specializing in developing Ford trucks, sport utility vehicles and commercial vans and cars. Additionally, the company has embarked on an electrification strategy focused on reaching more customers, improving profitability, and continuing to reduce CO2 in the atmosphere.
Ford Motor Company (NYSE:F) focuses on electric vehicles, including SUVs, pickup trucks, and vans. It plans to launch an electric commercial van and introduce a low-cost EV platform to reduce costs, speed up production, and offer better customization for customers.
Ford Motor Company’s (NYSE:F) edge as one of the best EV stocks to buy stems from its commitment to return value to shareholders. The company has consistently allocated its excess earnings towards dividend payments. In 2024, it paid $3.1 billion in dividends while boasting a 6.03% dividend yield.
While we acknowledge the potential of Ford Motor Company (NYSE:F) 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 time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than F but that trades at less than 5 times its earnings check out our report about this cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.
