Top 5 EV Penny Stocks Under $1

2. Mullen Automotive, Inc. (NASDAQ:MULN)

Price Per Share: $0.14

California-based EV company Mullen Automotive, Inc. (NASDAQ:MULN) ranks 2nd in our list of the EV penny stocks. Mullen Automotive, Inc. (NASDAQ:MULN) recently announced that it has sufficient funds for at least the next 12 months.

Mullen Automotive, Inc. (NASDAQ:MULN) also claimed that it’s trading at a discount to its current cash position of $135 million.

As of the end of the first quarter of 2023, 4 hedge funds tracked by Insider Monkey had stakes in Mullen Automotive, Inc. (NASDAQ:MULN).