11 EV Penny Stocks Under $1 Worth Buying
Here’s a list of EV penny stocks under $1 that could soar during the electric vehicle revolution.
Cheap EV Penny Stocks Under $1
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1. Mullen Automotive
Mullen Automotive is a Canadian electric vehicle (EV) manufacturer that specializes in designing high-performance EVs. The company has garnered a reputation for creating cars that are stylish, efficient, and fast. The company was founded in 2014, and since then, it has introduced several popular models, such as the Dragonfly K50 and K27.
Mullen Automotive’s Dragonfly K50 is a sports car that’s equipped with advanced features, such as an all-electric powertrain that can deliver up to 400 horsepower and a top speed of 155 miles per hour. The K27 is an affordable and efficient electric car that boasts a range of up to 170 miles on a single charge.
The company has also partnered with Chinese automaker Qiantu Motor to bring their K50 and K23 models to the United States market. Additionally, Mullen Automotive is working on developing a next-generation EV platform that can be used to build various types of electric vehicles, including SUVs, crossovers, and sports cars.
Overall, Mullen Automotive is an innovative EV manufacturer that’s making a significant impact on the automotive industry. The company’s focus on performance, efficiency, and affordability makes it an exciting brand to watch in the years to come.
Electrameccanica is a Canadian-based company that designs and produces electric vehicles (EVs) and related components. The company’s flagship product is the SOLO, a single-passenger electric car that is designed to be efficient, cost-effective, and environmentally friendly. The SOLO has a range of up to 100 miles on a single charge, making it ideal for city driving and short commutes.
Electrameccanica has also developed the Tofino, a sporty electric roadster that combines high performance with sustainability. The Tofino has a sleek, aerodynamic design and is powered by a lithium-ion battery, delivering a range of up to 250 miles on a single charge.
In addition to its vehicles, Electrameccanica produces components such as electric drivetrains, battery management systems, and other related technologies. The company is committed to reducing carbon emissions and promoting sustainable transportation, and its products are aimed at providing eco-conscious consumers with viable alternatives to traditional gas-powered vehicles.
Overall, Electrameccanica is a forward-thinking company that is at the forefront of the electric vehicle revolution, and its innovative products and technologies are helping to pave the way for a greener and more sustainable future.
Canoo is a Californian-based electric vehicle start-up that was founded in 2017. The company aims to revolutionize the way people view transportation by providing sustainable and affordable electric cars. Canoo designs and manufactures electric vehicles that are spacious, stylish, and functional, with a focus on providing a comfortable ride for passengers.
The company’s flagship vehicle, the Canoo EV, is a modular electric vehicle that can be adapted to a wide range of use cases, from personal transportation to ride-sharing and delivery services.
The EV has a unique design with a spacious and flexible interior, which provides an open and welcoming experience for passengers. Additionally, the vehicle features advanced safety and technology features, such as its proprietary skateboard platform, which provides better stability, handling, and performance.
Canoo is also committed to making transportation more sustainable and eco-friendly. Its electric vehicles are designed to minimize emissions and reduce the carbon footprint of transportation. The company has also implemented several sustainable practices in its manufacturing and operations, such as using recyclable materials and reducing waste.
4. Faraday Future (FFIE)
Faraday Future is a California-based electric vehicle manufacturer that was founded in 2014.
Faraday’s first EV, the FF91, is a luxurious and innovative electric car that is equipped with advanced technology, including an AI-based parking system and a facial recognition system for keyless entry.
FF91 has a range of up to 378 miles on a single charge and can accelerate from 0 to 60 mph in just 2.4 seconds, making it faster than some supercars.
Production is planned to begin in Q2 2023 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 November 30th 2022, Faraday Future hasn’t received a lot of demand for its vehicles yet hence the low stock price.
5. 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 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.
6. Centro Electric Group
Centro Electric Group is a leading provider of high-quality electrical engineering and construction services in the Asia-Pacific region. With over 30 years of experience in the industry, the company has established itself as a reliable and innovative partner for a wide range of clients, from large-scale industrial projects to residential and commercial developments.
The company’s services cover the full spectrum of electrical engineering and construction, from design and project management to installation, testing, and maintenance. Its team of highly skilled and experienced professionals works closely with clients to deliver tailor-made solutions that meet their specific needs and budget requirements.
Centro Electric Group is committed to the highest standards of safety, quality, and environmental responsibility. The company’s focus on innovation and technology has enabled it to stay ahead of the curve in an industry that is constantly evolving.
With a strong track record of successful projects, Centro Electric Group is a trusted partner for clients looking for reliable and efficient electrical engineering and construction services.
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7. Sono Motors
Sono Motors is a German company that has gained popularity for their unique take on sustainable mobility. Their flagship product, the Sion, is an electric car that comes equipped with a solar panel system that allows it to charge while on the move, adding an additional 30 kilometers to its range per day.
The Sion has been designed with sustainability in mind, using natural materials such as recycled plastics and organic cotton. It also comes with a bi-directional charging system, allowing it to function as a mobile energy storage unit that can be used to power electrical devices.
Sono Motors was founded in 2016 by Laurin Hahn and Jona Christians, with the goal of creating a car that would not only be environmentally friendly but also affordable. The company raised over $62 million in funding through a combination of crowdfunding and private investment.
Sono Motors has a mission to reduce carbon emissions by making clean energy vehicles accessible to everyone. Their innovative approach has garnered a lot of attention, and they are seen as one of the pioneers in the field of sustainable mobility.
8. Ree Automotive
REE Automotive is a global leader in electric vehicle technology, with a mission to revolutionize the way we move around the world. The company is dedicated to developing the next generation of electric vehicles and related components, with a focus on modular designs and customizable platforms that can be adapted to suit a wide range of applications.
One of the key innovations that sets REE Automotive apart is its “REEcorner” technology, which integrates the motor, steering, suspension, and braking systems into a single unit that can be easily installed into any vehicle platform. This approach allows for greater flexibility and cost-effectiveness, as well as improved performance and safety.
REE Automotive is also committed to sustainability and environmental responsibility, with a goal to reduce carbon emissions and other pollutants associated with traditional vehicles. The company’s electric drivetrain technology is designed to be efficient, reliable, and scalable, making it an ideal choice for a variety of applications, from passenger cars to delivery vehicles and beyond.
10. Lightning eMotors
Lightning eMotors is an American company specializing in developing electric commercial vehicles such as buses, trucks, and vans. The company is dedicated to creating zero-emission vehicles for businesses that are cost-effective and efficient.
Lightning eMotors offers a wide range of electric vehicles that are custom-built to meet the unique needs of each business. Their products are engineered with advanced technology and software that can monitor and control battery and motor performance in real-time. These vehicles can also provide remote diagnostic and repair services, ensuring maximum uptime and performance.
Lightning eMotors is committed to providing sustainable transportation solutions and reducing the carbon footprint of businesses. Their electric vehicles are designed to operate on renewable energy sources, reducing the dependence on fossil fuels and lowering operational costs.
In conclusion, Lightning eMotors is a pioneering company in the development of electric commercial vehicles that are reliable, efficient, and environmentally friendly. They are leading the way in providing sustainable transportation solutions and driving the transition to a cleaner and greener future.
XOS EV is an electric vehicle produced by XOS, a leading Chinese electric vehicle company. The XOS EV is designed to offer eco-friendly transportation that is both efficient and affordable. The vehicle is equipped with a 32 kWh battery pack that provides an impressive range of up to 300 km on a single charge. This makes it perfect for short commutes as well as longer journeys.
The XOS EV is equipped with a high-quality electric motor that delivers a maximum power output of 80 kW and a maximum torque of 280 Nm. It can accelerate from 0 to 100 km/h in just 9 seconds. The vehicle’s design is sleek and modern, with a spacious interior that offers plenty of room for passengers and cargo.
The XOS EV is also equipped with advanced safety features, including ABS, EBD, and a host of airbags. It also comes with a range of modern technology features, such as a touchscreen infotainment system, a digital instrument cluster, and automatic climate control.
Overall, the XOS EV is a great choice for those looking for an electric vehicle that is affordable, efficient, and stylish. With its impressive range, advanced safety features, and modern technology, it is an excellent option for eco-conscious drivers.
11. 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.
All of these companies trade below the NYSE/NASDAQ $1 minimum and could face a delisting notice.
Many companies perform a reverse stock split to increase the company’s stock price to meet the $1 threshold. However, that’s normally taken as a bearish move so be careful!
My Favorite EV Stocks Under $1
I’m personally bullish on these 3 EV penny stocks:
Check out my other electric car articles such as EV stocks under $5, EV stocks under $10, EV stocks under $20 and the best electric car stocks to buy for more renewable energy investment ideas.
Which EV penny stocks are you watching now?