8 Hot EV Penny Stocks under $10 and $5 that are About to Explode

The high demand for electric vehicles in many ways is fueling the growth in electric vehicle stocks, especially Tesla’s.

Electric vehicle stocks benefiting from this demand range from publicly traded companies making electric vehicles to those making and supplying electric vehicle batteries.

According to Statista, EV revenue is projected to reach US$561.3bn in 2023 and expected to show an annual growth rate (CAGR 2023-2028) of 10.07%, resulting in a projected market volume of US$906.7bn by 2028.

Nio Limited, an EV stock that traded under $4 back in April 2020, is a testament to the potential of EV penny stocks. It is #1 on this list back in April 2020 and it now trades above $7 per share, reaching a peak above $60 per share in 2021.

For penny stock traders, EV penny stock are a promising play during bull and bear market. You can go long or short, and make it big. Like riding Nio up to $60 and shorting it on its way down.

Check out these Promising Renewable Energy Penny Stocks.

The EV Space is in a bubble, hence, you have to invest and trade smartly. Here are some tips to help you navigate the EV bubble.

If you are looking to trade electric vehicle penny stocks, here are some EV stocks under $10 to consider:

1. Nio (NASDAQ: NIO)

NIO designs, develops, jointly manufactures and sells electric vehicles. It’s a leading smart EV company that was founded in 2014.

The company’s EV portfolio includes the ES8, a six-seater smart electric flagship SUV, the ES7 (or the EL7), a mid-large five-seater smart electric SUV, the ES6, a five-seater all-round smart electric SUV, the EC7, a five-seater smart electric flagship coupe SUV, the EC6, a five-seater smart electric coupe SUV, the ET7, a smart electric flagship sedan, and the ET5, a mid-size smart electric sedan.

NIO also provides a battery swapping solution, Battery as a Service, or BaaS, as well as its proprietary autonomous driving technologies and Autonomous Driving as a Service, or ADaaS.

2. SPI Energy Co., Ltd. (NASDAQ: SPI)

SPI Energy Co., Ltd. provides photovoltaic solutions for business, residential, government, and utility customers and investors. It offers engineering, procurement, and construction services to independent power developers and producers, and commercial and industrial companies.

The company also develops, owns, and operates solar projects that sell electricity to power companies and other electricity off-takers. As of June 29, 2020, it owned and operated 16.8 megawatts of solar projects.

In addition, the company, through its wholly-owned subsidiary, EdisonFuture, Inc., designs and develops electric vehicles and EV charging solutions.

In November, SPI Energy said that Phoenix Motorcars, which was recently acquired by the company’s wholly-owned subsidiary, EdisonFuture, delivered its second all-electric ZEUS Z-400 shuttle bus to the City of Santa Cruz.

The two ZEUS shuttles, built by Phoenix Motorcars on the Ford E-450 chassis with a Starcraft Bus body, will serve the Santa Cruz trolley by replacing their existing wooden trolleys and help to promote the City’s sustainability goals.

The company operates in Greece, the United States, Italy, Japan, the United Kingdom, Australia, and Germany. SPI Energy Co., Ltd. is headquartered in Shatin, Hong Kong.

3. CBAK Energy Technology (NASDAQ: CBAT)

CBAK Energy Technology, Inc., through its subsidiaries, develops, manufactures, and sells lithium batteries in Mainland China, the United States, Europe, Taiwan, Israel, and internationally.

Its products are used in various applications, including electric vehicles, such as electric cars, electric buses, and hybrid electric cars and buses; light electric vehicles that include electric bicycles, electric motors, and sight-seeing cars; and electric tools, energy storage, uninterruptible power supply, and other high power applications, as well as cordless power tools.

The company was formerly known as China BAK Battery, Inc. and changed its name to CBAK Energy Technology, Inc. in January 2017. CBAK Energy Technology, Inc. was founded in 1999 and is based in Dalian, China.

4. Arcimoto, Inc (NASDAQ: FUV)

Arcimoto, Inc. designs, develops, manufactures, and sells three-wheeled electric vehicles. Its portfolio of electric vehicles includes Fun Utility Vehicle; Rapid Responder for a specialized emergency, security, and law enforcement services; and Deliverator for delivery of goods.

The company was formerly known as WTP Incorporated and changed its name to Arcimoto, Inc. in December 2011.

Arcimoto, Inc. was founded in 2007 and is headquartered in Eugene, Oregon.

5. Kandi Technologies Group, Inc. (NASDAQ: KNDI)

Kandi Technologies Group, Inc., through its subsidiaries, designs, develops, manufactures, and commercializes electric vehicle (EV) products and parts and off-road vehicles in the People’s Republic of China and internationally.

It offers off-road vehicles, including go-karts, all-terrain vehicles, utility vehicles, and other vehicles for sale to distributors or consumers; and EV parts comprising battery packs, EV drive motors, EV controllers, air conditioners, and other electric products, as well as electric scooters and electric self-balancing scooters.

Kandi Technologies Group, Inc. has a strategic cooperation agreement with Jiangsu Jinpeng Group Ltd. to jointly develop the EV market in China.

The company was formerly known as Kandi Technologies, Corp. and changed its name to Kandi Technologies Group, Inc. in December 2012. Kandi Technologies Group, Inc. was founded in 2002 and is headquartered in Jinhua, the People’s Republic of China.

6. Electrameccanica Vehicles Corp (NASDAQ: SOLO)

Electrameccanica Vehicles Corp., a development-stage company, plans, develops, manufactures, and sells electric vehicles under the SOLO name. The company operates in two segments, Electric Vehicles and Custom Build Vehicles.

It also has two other electric vehicle candidates under the design development stage, including Super SOLO and Tofino. It also develops and manufactures custom built vehicles.

The company sells its vehicles online through electrameccanica.com Website, as well as through corporate owned stores.

Electrameccanica Vehicles Corp. was incorporated in 2015 and is headquartered in Vancouver, Canada.

7. Ayro, Inc (NASDAQ: AYRO)

Ayro, Inc. designs and manufactures light-duty, emissions-free electric vehicles for urban and community transport, local delivery, closed campus mobility, recreational, and government use.

It offers AYRO 311, a 3-wheeled vehicle for professional and personal use; Club Car 411 for low-speed logistics and cargo services for campus; and AYRO 511 concepts.

The company was founded in 2017 and is based in Round Rock, Texas.

8. Workhorse Group, Inc. (NASDAQ: WKHS)

Workhorse Group Inc., a technology company, designs, manufactures, builds, and sells battery-electric vehicles and aircraft in the United States.

The company also develops cloud-based and real-time telematics performance monitoring systems that enable fleet operators to optimize energy and route efficiency.

Its products includes cargo vans and medium and light-duty pickup trucks sold under the Workhorse brand. It also manufactures delivery drones and eVTOL aircrafts.

Workhorse’s major product that rakes in the bulk of its revenue is its line of all-electric delivery vans, which come in 650 cubic foot and 1,000 cubic foot sizes.

The latest generation of its delivery van is the all-electric C-Series vans that has a range of 100-mile.Its previous generation of delivery vans, E-100 and E-GEN, has more than 8.5 million miles on them as they are used by some of the premier package delivery companies in the world including UPS, FedEx Express, and DHL.

The company was formerly known as AMP Holding Inc. and changed its name to Workhorse Group Inc. in April 2015. Workhorse Group Inc. was founded in 2007 and is headquartered in Loveland, Ohio.

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