The 7 Best EV Penny Stocks To Buy Now

Electric vehicles are the future, and EV penny stocks let you get in on the ground floor of this rapidly growing industry. But what EV companies have the potential to take off? Get the scoop with our picks of some of the best EV penny stocks to buy now in (May 2024).

ev penny stocks

Best EV Penny Stocks

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO)

Founded in 2015, ElectraMeccanica Vehicles Corp. can be considered a baby in the manufacturing and sale of electric vehicles.

However, the company shows tremendous potential growth, with stellar financial performance in 2021. 

Its revenue is up over 465% through the sale of its flagship product the single-seat SOLO Cargo EV.

ElectraMeccanica is also expanding its operations beyond Canadian shores.

It is building a 235,000-square-foot engineering technical center in Mesa, Arizona, that could boost its production to around 200,000 units annually.

The company has also struck a deal with many businesses, such as Pelican Food Concepts, which plans to buy at least 15 electric vehicles.

With pending vehicle deliveries, solid financials, and production increases on the horizon, this business counts as one of the EV penny stocks to watch out for.

best ev penny stocks

Ayro Inc. (NASDAQ: AYRO)

Texas-based Ayro Inc. designs and manufactures light-duty electric vehicles for various purposes and industries, including customizable food trucks.

According to Grand View Research, the global market size for these concept vehicles had already hit almost $4 billion and could expand by around 7% from 2021 to 2028.

The company is also dominating the low-speed EV sector, which has a market value of over $6 billion.

In 2021, it received a total purchase order of over $4.5 million for its 2022 club car — an impressive feat considering it started its production only in June of that year.

While its market cap of $35 million seems low, the company has increased its revenue by 30% in the first quarter of 2022.

This penny stock could be worth looking into for its ability to lead a niche EV market and the high demand for its products across industries.

ev penny stocks to buy now

BitNile Holdings Inc. (NYSEAmerican: NILE)

One of the best EV penny stocks is also perhaps the unique one on this list.

Formerly called Ault Global Holdings, BitNile changed its name when it expanded its business to include other tech solutions, like cryptocurrency mining and data centers.

By diversifying, BitNile insulated itself from some of the industry-wide issues in the manufacturing of electric vehicles, such as chip shortage and the COVID-19 pandemic.

For example, it was able to delay the installation of Level 3 electric vehicle (EV) chargers in Canada without significantly hurting its financials.

It also allows the business to participate in other fast-growing markets, like cryptocurrency mining, which could be worth $1.02 billion by 2026.

Diversification has its cons, but often, the benefits outweigh the downsides.

This claim might be true for BitNile, making it a good EV penny stock to buy.


ev penny stocks


EV Penny Stocks to Watch

Kandi Technologies Group (NASDAQ: KNDI)

One of the growing companies that have the potential to compete with Tesla is Kandi Technologies, a China-based enterprise that designs, manufactures, and sells EV products.

Besides electric vehicles, Kandi is popular for making electric scooters, a niche that could have a global market size of $31 billion by 2028.

The Chinese brand can also easily penetrate the EV market by offering well-designed models at an affordable price or a financing option.

Further, it is gearing up to conquer the battery-swap market by partnering with Hunan Hengrun Automobile, a company certified to produce a complete EV.

Although its EV parts sales declined significantly, Kandi generated $91.5 million in total revenue in the past year, compared to $77 million in 2020.

Couple all this information with a market cap of $198 million, and it’s easy to see why KNDI is one of the best penny stocks today.


best ev penny stocks

Workhorse Group Inc. (NASDAQ: WKHS)

Not all meme stocks could sustain their momentum, and for a while, Workhorse Group Inc. was one of them.

Its share price declined partly due to high product returns, negative revenue, and a loss amounting to $100 million.

However, this maker of delivery vans is poised for a major rebound for many reasons.

Workhorse has shaken hands with High Trail Capital to convert its secured notes of $29 million worth of common stocks, potentially erasing debt on its balance sheet and strengthening its financial position.

This agreement could also increase its market cap, which is around $510 million today.

Workhorse also expands its market share in the EV sector by partnering with GreenPower Motor, which manufactures electric buses.

As long as it continues to make smart financial and management decisions, Workhorse has all the makings of a good penny stock to purchase.


best ev penny stocks


EV-related Penny Stocks to Buy

Lordstown Motors (NASDAQ: RIDE)

At first glance, Lordstown Motors seems to be a financially struggling company that has yet to deliver a vehicle — so what makes this a good penny stock to buy?

Investors trying to short or make a quick profit might want to consider this for a number of reasons.

First, it still has a healthy market cap of almost $429 million. 

It also ended 2021 with a cash balance of over $240 million, at least $75 million more than its expectations, through wise spending and investment deferrals.

Second, in the same year, it improved its liquidity by partnering with Foxconn Technology Group, which invested $50 million through a common stock purchase and is set to assemble the Endurance pickup truck.

The company also tries to be strategic with its marketing efforts by opening a vehicle service center in California, where EV adoption rates are high and regulations are more favorable.

Considering the data available, it could be a worthwhile penny stock for momentum traders and retail investors.


ev penny stocks


CBAK Energy Technology (NASDAQ: CBAT)

CBAK doesn’t manufacture EVs but instead produces lithium batteries — a crucial part of electric vehicles and other products like cordless power tools and a source of uninterruptible power supply.

According to Technavio, the market for this type of battery is massive: it could expand by over 30% within five years and generate a value of $58 billion by 2025.

The company boosted its revenue 750% in the first quarter off 2022, a sign things are moving in the right direction.

Some of this revenue comes from a 81% stake in Zhejiang Hitrans Lithium Battery Technology Co.

CBAK is also revving its battery production by opening more facilities in China, especially in Nanjing, as it expects a surge in demand for these alternative energy solutions.

As a result, CBAK is a worthy addition to this penny stock list because of its acquisition of Hitrans, increase in production, and the demand for lithium batteries.

ev penny stocks

Should I Invest in EV Penny Stocks?

It depends.

These ultra-low-priced shares are often traded on smaller exchanges or over-the-counter (OTC), and they can be notoriously volatile.

However, EV penny stocks could offer tremendous upside potential when you choose them wisely.

The electric vehicle market is expected to grow exponentially in the next decade, especially since many major automakers are investing heavily in EV technology.

EVs are also appealing to consumers, severely affected by the rising fuel prices and inflation.

These vehicles could be much cheaper to operate than traditional gasoline-powered cars in the long run, particularly if government tax incentives continue.

Furthermore, many electric vehicle companies are still relatively new, leaving a lot of room for growth in the stock market today.

According to the International Council on Clean Transportation (ICCT), the United States alone sold over 630,000 vehicles in 2021.

Meanwhile, the electric vehicle market could achieve a compound annual growth rate (CAGR) of almost 30% from 2021 to 2026, reaching a value of $725 billion by the end of the forecast period.

ev penny stocks

An EV stock can also benefit from the growing popularity of related products, such as battery packs, lithium-ion batteries, and electric motors.

Overall, an EV penny stock could be a good investment if you’re willing to take on the risks.

Where to Buy EV Penny Stocks

Online brokerage accounts like Webull and Robinhood also offer access to penny stocks.

These platforms provide a user-friendly interface for buying and selling penny stocks, usually with more affordable management fees and no commission.

EV Penny Stocks: Final Thoughts

Investing in a penny stock is and will always be a risky endeavor.

Most companies are still in the early stages of development and may not have the financial stability or history that more established ones have.

Electric vehicle technology is also constantly evolving, and those making EVs now could be left in the dust by the ones that develop better battery technology or autonomous-driving features.

However, the possibility for gain is what keeps many investors interested in penny stocks.

Higher gas prices, concerns about climate change, tax breaks, competition, innovation, and more positive consumer perception are all helping to increase sales of EVs as well.

The key is to do your research and only invest an amount of money that you’re comfortable losing.

EV Penny Stocks FAQs

Are There Any EV Penny Stocks?

Yes, many penny stocks belong to the EV space. Some of the best penny stocks in this market are Ayro Inc., Kandi Technologies Group, and CBAK Energy Technology.

Can You Get Rich Off Penny Stocks?

Because of their volatility, penny stocks are less likely to make investors rich, especially in the long term. However, they can still be a good source of quick and easy profits, especially in fast-growing markets like electric vehicles.

Is EV a Good Stock to Invest in?

Electric vehicle companies can be a good stock to invest in for many reasons. EVs are becoming increasingly popular, more traditional automotive manufacturers are competing in the market, and the demand is expected to increase in the coming years. In other words, the potential for a massive increase in share prices in the stock market is high.

Who Is the Leader in Electric Cars?

As of today, Tesla is currently the leading electric vehicle manufacturer in the world, having sold almost a million units in 2021. But as technologies improve and the demand for these products increases, it could face some tough competition from other companies, especially those based in China and Europe.

What Penny Stocks Are on the Rise?

Many penny stocks are high-growth stocks. These include EV companies such as BitNile Holdings (formerly Ault Global Holdings), Workhorse Group, and Kandi Technologies.



Jessica is a published author and copywriter specializing in personal and investment finance. Her expertise is in financial product reviews and stock market education.