4 Best EV Penny Stocks Under $1

EV Penny Stocks

Here is a list of electric vehicle (EV) penny stocks under $1 with massive upside potential.

Cheap EV Penny Stocks Under $1

  1. Arrival (NASDAQ: ARVL)
  2. Faraday Future (NASDAQ: FFIE)
  3. Ayro (NASDAQ: AYRO)
  4. Arcimoto (NASDAQ: FUV)

Here is a breakdown of each company.

1. Arrival (ARVL)

Arrival is a British EV maker that plans to produce electric buses & vans. The company has a contract with UPS to deliver 10,000 electric vans over the next few years and plans to start delivering them at the end of this year.

Arrival UPS Electric Van

Arrival will start producing the electric vans in Bicester UK with the goal to start producing EVs in Charlotte USA in 2023.


In Q2 2022, Arrival held $512.6 million in cash on its balance sheet yet the current market cap is around ~$500 million. ARVL stock is being valued at its cash on hand even though the company will start production this year.

Arrival has received 149,000 non-binding preorders totaling over $6 billion in revenue if all EVs are successfully delivered. The biggest problem with Arrival is dilution since the company performed a $300 million at-the-market offering to provide enough cash for production until the end of 2023.

The biggest worry is that Arrival faces a NASDAQ delisting due to its sub $1 trading price. ARVL stock closed at $0.96 on September 19th 2022 and would receive a delisting notice if ARVL shares are under $1 on November 6th 2022.

2. Faraday Future (FFIE)

Faraday Future is an American EV maker that plans to produce its flagship FF91 luxury sedan this year.


The company plans to complete in the same market as Tesla’s Model X Plaid and Lucid’s Air Dream edition with its luxury electric car.

Production is planned to begin in Q4 2022 for the FF91 but the company only has $47.2 million in cash on its balance sheet. It’s unclear how Faraday will fund its scaled production so my guess is that more dilution is coming soon.

With only 399 preorders for the FF91 as of June 30th 2022, Faraday Future hasn’t received a lot of demand for its vehicles yet hence the low stock price.

3. Ayro (AYRO)

Ayro is a small micro cap EV maker that produces electric delivery vehicles. At just a $22 million market cap, Ayro is one of the smaller EV stocks around with Q2 2022 revenue of just under $1 million.


Ayro finished Q2 with around $50 million in cash on its balance sheet and no debt. However, the company doesn’t have any aggressive growth plans and could just slowly increase revenue as a micro cap play.

There are probably better EV penny stocks out there but Ayro remains a low risk, low upside play until the company changes course and pursues aggressive growth.

4. Arcimoto (FUV)

Arcimoto is an American EV maker that produces FUV (fun utility vehicles) to make a name in the EV industry. Unfortunately, things have not gone well for the company recently and there has been a lot of drama surrounding the company.

First off, Arcimoto founder Mark Frohnmayer got arrested for DUI in 2022 and was forced to step down from his role at CEO.


To make matters worse, Arcimoto struggled to deliver many EVs and has relied on share offerings to fund operations. This has caused FUV stock to fall from $28 all the way to $90 cents.

The FUV concept is good but I’m not sure if Arcimoto has enough capital to fund growth while diluting shareholders in the process.


EV Penny Stocks are extremely cheap but these stocks are cheap for a reason. It’s going to be an uphill battle for all of the stocks on this list.

The only stock I’m bullish on is Arrival because they are backed by the UPS deal. The other stocks are high risk plays and I’m not investing any of my personal money into them.

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