9 Cheap Electric Vehicle (EV) Stocks Under $10 for 2023

The Electric Vehicle boom has already begun.

Tesla became the world’s most valuable car company in just 1 year by embracing EV technology and focusing solely on the production of renewable energy vehicles.

Global EV sales are projected to grow to 25 million annually by 2020, which means a lot of consumers will need to purchase brand new environmentally-friendly vehicles.

EV stocks are some of the best high growth investments you can make this decade but you need to do solid research and weed out the good projects from the bad ones.

The truth is there aren’t many cheap EV stocks under $10 because many of them soared past $10 recently to new highs.

EV stocks like Arcimoto (NASDAQ: FUV), Workhorse (NASDAQ: WKHS), and others left the penny stock realm lat year but luckily there are still a few plays left.

All of the EV stocks in this article are listed on the NASDAQ or NYSE in America so you can buy them on stock trading apps like Robinhood or Webull.

Cheap EV Stocks Under $10

These stocks carry lots of upside but carry much more risk than bigger EV companies like Tesla or Chargepoint. Now, let’s take an in-depth look at each penny stock.

1. Electrameccanica (NASDAQ: SOLO)

Electrameccanica is my favorite cheap EV stock play under $10 because the SOLO 3-wheeled vehicle is an absolute game-changer. The SOLO EV is the perfect commuter car and costs just $18,500 with a $250 reservation.

The company currently has $2.4 billion in preorders and also plans to produce 2 other EV vehicles including the Tofino and Roadster.

Now, I know what you’re thinking about the looks of this vehicle. Many people say it’s ugly or doesn’t look great.

However, the SOLO has gotten a lot of positive reviews, and people who test drive it actually enjoy driving a smaller, more economical vehicle.

Bullish Catalysts for SOLO Stock

  • The company delivered 91 SOLO EVs in 2021 and generated $2.1 million in revenue (Up 270% YoY).
  • Electramecchina will complete its 235,000 square foot production facility in Mesa, Arizona in the summer of 2022 and plans to produce 20,000 EVs annually in their new factory.
  • The SOLO is perfect for commuting to work/school and running errands. As more consumers look for cheap EV cars, I think the single-seater vehicle will become more popular.
  • The SOLO EV is a lot cheaper than other EVs like a Tesla. Secondly, it’s small and easy to park. Thirdly, it looks cool and I’m always up for new innovative products that disrupt the status quo.

With just a market cap of $200 million, I think SOLO stock is way too cheap considering there are over $2 billion in preorders alone.

2. Ideanomics (NASDAQ: SOLO)

Ideanomics has picked up a lot of steam lately after the company acquired WAVE, a wireless EV charging company.

Ideanomics doesn’t really produce its own EVs but serves as a holdings company that invests in EV technology & software.

The company also acquired a 24% stake in e-tractor company, Soletrac.

As Ideanomics continues to build stakes and acquire more EV players, investors could see a big return on their investment.

3. Kandi Technologies (NASDAQ: KNDI)

Kandi is a Chinese EV maker & battery swap company that sells the cheapest EVs in America, the K23 and K27.

Kandi is currently selling its cheap EVs in America and signed an agreement to sell 3,000 K23 to a rideshare partner in China.

What does this mean for KINDI stock?

Kandi should benefit from consumers looking for the cheapest 4-wheeled EV available as similar to how Toyota & Honda made a fortune selling lower priced sedans in America.

4. Ayro (NASDAQ: AYRO)

Ayro is another small-cap EV stock that trades under $10 with lots of upside.

The company produces light, short-haul EVs for commercial use and places like college campuses, and work facilities.

Ayro generated $1.6 million in annual revenue during 2020, which is up 80% YoY.

Ayro stock currently trades under $1 with a $35 million market cap, which seems like a lot for a company with such a small revenue.

I prefer stocks like Electrameccacina or Ideanomics much more but investors may buy up Ayro and wait patiently for its growth plans to bear fruit.

AYRO Stock Rating: Hold

5. Arrival (NASDAQ: ARVL)

Arrival is a British EV company that plans to produce electric buses to replace ICE public transportation vehicles. The company has 130,000 preorders for its van & bus EVs with plans to begin van deliveries in Q3 2022.

6. Workhouse (NASDAQ: WKHS)

Workhorse is off to a rough start in 2021 after missing out on the lucrative USPS contract. The company plans to meet with USPS to reconsider missing out on the deal.

Workhorse has 8,000 vehicles in its backlog but 2020 revenue was only just over $1 million.

After a major selloff due to losing out on the USPS deal initially, WKHS stock fell all the way to just around $8. Now, WKHS stock has rebounded after being targeted by meme stock traders as a potential short squeeze play.

Workhorse offers an amazing electric delivery van with a last-mile delivery drone that will become the future of package delivery.

The company reported Q1 2021 revenue of $500,000 with the sale of 6 trucks in the first quarter.

Net losses reached $120 million and the company readjusted its 2021 production goals to 1,000 trucks. As of Q1 2021, Workhorse has $205.1 million in cash on its balance sheet.

Workhorse’s 10% stake in Lordstown Motors (RIDE) has fallen in value as well to around $195 million.

It looks like bottlenecks within the global semiconductor shortage and offshore shipping delays have hurt Workhorse’s production in the short term.

WKHS stock looks extremely overvalued with such low revenue at nearly a $2 billion market cap. Of course, investors are betting on future growth and the stock is selling at a premium but looks attractive long term.

If we include the $205.1 million in cash plus the $195 million stake in Lordstown Motors then Workhorse trades at a reasonable Price to Book Value of 3.

Missing out on the USPS contract really hurt future plans for Workhorse and the company has only produced 38 C-series vehicles this year. If production improves then I’ll consider WKHS stock a strong buy.

7. Arcimoto (FUV)

Arcimoto is an American electric vehicle maker based out of Eugene, Oregon that plans to produce its flagship 3-wheeled vehicle, the Fun Utility Vehicle (aka FUV).

The FUV starts at a base price of $17,900 with 82 miles range and a top speed of 70 mph. The 3 wheeled FUV (Fun Utility Vehicle) is another futuristic vehicle that aims to capture a niche EV market.

Arcimoto also plans to produce 5 variations of the original FUV:

  • The Rapid Responder (for emergency services like Police, Fire, and EMT)
  • The Deliverator (for last-mile deliveries).

It may be weird for some investors to see these types of EVs on the road but apparently, demand is fairly high.

Celebrities such as actor Mark Walhberg and Youtuber MeetKevin drove the FUV and fell in love with the vehicle.

While many investors are excited about the future for FUV stock, the company hasn’t delivered (no pun intended) on its lofty goals.

In 2021, Arcimoto sold 192 FUVs and generated $4 million in revenue (Up 102% YoY) but the revenue spike doesn’t justify FUV’s inflated $214 million market cap.

FUV stock trades at an insane Price to Sales ratio of 59 and I don’t recommend buying FUV shares at these current prices. There are much better EV stocks out there with similar potential trading at far more attractive valuations.

The good news is Arcimoto plans to produce 50,000 vehicles per year in its new manufacturing plant so there could be some bullish momentum in the future.

FUV stock remains on my watchlist but I wouldn’t consider buying any shares unless the price falls a lot more. It’s simply too overvalued right now.

FUV Stock Rating: HOLD

8. Arrival (ARVL)

Arrival is a UK-based EV maker with plans to begin producing electric vans and buses in 2022.

The company isn’t generating any revenue yet but received 59,000 preorders according to the latest Q2 2021 earnings update.

A good portion of these preorders came from UPS who preordered 10,000 delivery vehicles with the option to purchase an additional 10,000 EVs. That preorder alone could be worth over $1 billion in revenue.

Arrival’s flagship EV called the Arrival Bus will be the 1st EV to be released by the company with production starting in Q2 2022.

ARVL stock had a rollercoaster ride in 2021 reaching as high as $37 before crashing back down to its original SPAC price of $10. I don’t see much upside in the near future because Arrival stock has a $6+ billion market cap with zero revenue.

A lot of EV SPAC stocks popped during 2021’s EV bubble and Arrival is one of the many casualties. However, I still like Arrival in the long run as a fantastic EV bus and van play.

The company signed an agreement with Uber to produce an EV specifically tailored for ridesharing with production plans in 2023.

Patience with ARVL stock may be rewarded in the future and I have a massive $100+ price target for Arrival stock by 2023. It’s one of my smaller current positions but I will be adding more shares on the dip.

Lucrative contracts with UPS & Uber give Arrival a ton of appeal plus the company will disrupt the European transportation market with its sleek, beautifully designed EVs.

ARVL stock is a serious long-term buy and hold. Patience will be rewarded if things go as planned.

Is it a Good Time to Buy These Stocks?

Cheap EV stocks under $10 offer some of the best value buys for investors who want to ride the EV boom.

If you’re looking for a cheap EV play then do more research on the stocks I listed above.

These EV stocks won’t get much institutional attention until they hit $15+ because they are currently under the radar.

I think Electrameccanica (SOLO) and Kandi (KNDI) could soar in the future because they produce small, cheap EVs that can be sold to the masses.

Many people are struggling from the COVID-19 recession and won’t look to spend top dollar on their first EV.

Where to Buy These Cheap EV Stocks

Our recommended stock trading app is Webull. You get 2 free stocks when you open a brokerage account and deposit $100 (Worth up to $1,850).

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