8 Cheap Electric Vehicle (EV) Stocks Under $10 for 2022

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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

TickerCompany NameLast PriceMarket Cap
WKHSWorkhorse$2.76451.3M
SOLOElectrameccanica$1.36161.3M
FUVArcimoto$2.97115.2M
GOEVCanoo$2.14544.3M
KNDIKandi$2.44184.7M
FFIEFaraday Future$4.541.4B
ARVLArrival$1.601.0B

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)

YouTube video

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.

SOLO EV by Electrameccanica
SOLO 3-wheel single passenger car

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.

Watch this SOLO EV test drive and interview with Electrameccanica’s CEO:

YouTube video

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)

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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.

IDEX Stock Rating: Buy

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.

KNDI Stock Rating: Buy

4. Ayro (NASDAQ: AYRO)

YouTube video

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.

Source: SeekingAlpha

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.

5. Lordstown Motors

6. Workhorse

7. Canoo

8. Arcimoto

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).

Full disclosure: I own shares of Electrameccanica (NASDAQ: SOLO)


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Editorial Staff

Tarik Pierce is the founder of InvestorTrip.com and regularly contributes articles to this website. He studied Economics at Dartmouth College and invests in a mix of dividend stocks, high CAGR tech stocks & cryptocurrencies.