Electric Vehicle Stocks are looking promising, and without a doubt, the EV industry is the future! But while these stocks could be highly profitable in the future, experts point out the current challenges that face this industry; these include supply chain constraints for semiconductors longer than usual delivery times.
Perhaps EV penny stocks‘ low price could be attributed to the increase in delivery backlogs. And customers will likely pay the manufacturer’s recommended retail price or even more. And in the short term, some models will also be easier to find than others.
But this is not a significant cause of concern for stakeholders, as major manufacturers are moving away from fossil fuels and more towards producing EVs, with increasingly positive returns.
Here are the top 7 EV stocks to buy in 2023
Here are the top EV penny stocks you should invest in right now to take advantage of a better market outlook in the near and further future. You can also learn more about alternative energy stocks that could be worth every penny.
1. Lordstown Motors
After a successful negotiation on November 7, 2019, Lordstown Motors bought the former GM Lordstown plant. And it secured the intellectual property rights of Workhorse’s W-15 pickup truck in exchange for a 10% equity stake. Using this preexisting design, Lordstown intends to develop its electric pickup truck.
That said, Lordstown Motors seems to have a financial fix, as it’s yet to deliver a vehicle. But it’s still a worthy penny stock to buy, with a healthy market cap of about $429 million. And through prudent spending and investment deferrals, the close of 2021 was looking good, with a cash balance of $240+ million.
The company is investing in strategic partnerships, too, among them the Foxconn Tech Group, which invested $50 million in the purchase of common stocks. And it also opened a vehicle service center in California, which has more favorable regulations.
This penny stock could be worth adopting considering its steady momentum; it’s currently trading at $2.24 on the NASDAQ stock exchange.
2. Electra Meccanica Vehicles Corp.
The car maker’s stock price traded at $1.48 later this week, recording an increase in the median estimate. Last October, Electra Meccanica started delivering its SOLO EV model, which it began developing earlier in 2015. Its revenue is up over 465% through the sale of its flagship product, the single-seat SOLO Cargo EV.
The Vancouver-based EV manufacturer put commuting and deliveries in mind when designing the vehicle, with its compact size perfect for urban conditions. It has a 100-mile range, with a top speed of 80 mph, that’s ideal for highway travel. The cargo version has twice the capacity, which has increased the company’s revenues by 465%.
The company has expanded beyond the Canadian border. And has a 235,000 facility in Arizona, boosting production to close to 200,000 units each year. Electra Meccanica is a penny stock that will be worth watching.
3. Kandi Technologies Group
Chinese battery and EV manufacturer Kandi Tech Group is in a strategic partnership with Geely, which provides the EV designs, while Kandi provides the manufacturing resources for its flagship EVs.
Earlier in 2019, Kandi announced its expansion plans into the US, with the National Highway Traffic Administration approving its Model K22 and model EX3 EVs. And later that year, Kandi technologies shipped between 50 and 100 EVs to the US around early June.
Besides EV production that could give Tesla a run for their money, Kandi is also exploring a niche in the electric scooter market. The company is trading on the NASDAQ exchange with ticker KNDI with a market cap of $198 million, and it’s one of the best penny stocks to invest in this year.
In 2021, Kandi generated $91.5 million, a growth from $77 million the previous year. Its share price closed at $2.39 on Friday.
4. BitNile Holdings Inc.
BitNile makes products that support diverse industries, including defense/aerospace, automotive, industrial, telecommunications, textile, and medical products. It also has a data center where it mines bitcoin.
The holding company also extends credit to various enterprises through a licensed lending subsidiary with three segments. One is a real estate segment operating three hotels in Middletown, Wisconsin. The other is the BNI segment which performs data center operations and bitcoin mining.
GWW segment offers defense solutions. At the same time, TOG Technologies offers EV charging solutions.
Through diversification, BitNile mitigated industry shortfalls such as chip shortage while gaining profits in other fast-growing markets such as crypto. BitNile Stock closed at $0.31 on Friday, an increase of 2.44%.
5. Workhorse Group Inc.
This penny stock trading at $2.37 could be a strong buy in the long-term despite its share prices declining sharply, with a loss of $100 million. This high-risk investment experiencing a fifteen-month low could pay off, with a projected rebound in the coming months.
Workhorse Group Incorporated manufactures original equipment and technology, with its headquarters in Cincinnati, Ohio, US. The company’s product portfolio includes drones, electric delivery vans, and telematics software for last-mile delivery.
What’s more, Workhorse is in a partnership with High Trail Capital, a move set to improve its financial standing by erasing debt on its balance sheet. Their agreement should also strengthen its market cap, which is $510 million.
The company is also steadily expanding into the EV sector by working closely with Green Power Motor, which makes electric buses. This penny stock could be worth watching out for in the coming months.
6. Ayro Inc.
Considering the EV manufacturer began production of its club car in June 2021, it’s impressive that it received a $4.5 million purchase order from its customers for 2022 deliveries. The company is also making its mark in the low-speed EV sector with a market valuation of over $6 billion.
And in a strategic manufacturing and engineering partnership, Ayro Inc. will also work closely with karma Automotive to produce more than 20,000 lightweight vehicles by 2023, with a value of more than $300 million.
The manufacturer closed its stock sales at $0.91 on Friday, a 1.61% rise. This penny stock is worth investing in, with a high demand for its products across multiple industries.
7. CBAK Energy Technology
CBAK Energy Technology is a high-growth enterprise engaged in developing, manufacturing, and selling high-energy power lithium batteries and raw materials for manufacturing high-power lithium batteries. These batteries are applicable in EVs, energy storage, electric tools, and uninterruptible power supply (UPS).
The lithium battery market is enormous, with a projected growth of 30% and a potential revenue value of $58 billion by 2025. In the first quarter of 2022, the company had a revenue boost of 750%, showing that the company could experience considerable growth and market dominance.
CBAK could be a profitable, high-growth stock worth investing in, thanks to the high demand for lithium batteries which provide an alternative energy source and expansion with more facilities opening up in China. The stock is currently trading at $1.22 but could perform better in the long term.
You can learn more about alternative energy stocks and innovative tech niches, which could also be worth investing in today.
The above information does not constitute any form of advice or recommendation by London Loves Business and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Appropriate independent advice should be obtained before making any such decision. London Loves Business bears no responsibility for any gains or losses.
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