The demand for sustainable energy has grown rapidly in recent years. This has resulted in increased scrutiny of the automotive market. As a result, the electric vehicle (EV) industry has made significant advancements.
With more EVs being adopted worldwide, there is a strong momentum for further growth. This expansion has also created investment opportunities in EV penny stocks that have the potential for substantial gains. Below, you will find Moneyzine's curated list of the best EV penny stocks. Consider adding them to your portfolio in 2024.
Best EV Penny Stocks to Watch in 2024
The transition to electric vehicles may not happen overnight. However, it's important to recognize the potential for significant growth in this market. While no market is without risk, the EV industry appears to have favorable conditions for expansion.
With that in mind, here are some stock suggestions for innovative automakers. All these companies have embraced EV technology and established charging infrastructure. Oh, and they also all have one more thing in common: all these cheap EV stocks have shown promising growth.
Company | Ticker | Price | Target Price |
|---|---|---|---|
American Lithium | NASDAQ:AMLI | $0.77 | $4.31 |
Arcimoto | NASDAQ:FUV | $0.61 | $4.00 |
Workehorse Group | NASDAQ:WKHS | $0.25 | $0.71 |
CBAK Energy Tech | NASDAQ:CBAT | $0.96 | $1.80 |
SOLO | NASDAQ:SOLO | $0.26 | $0.40 |
EV Battery Stocks to Buy: Profiles and Forecasts
Discover the influential players. Find the top-performing EV battery stocks to add to your investment portfolio. Read on to learn important information about these cheap EV stocks. We believe they are the best EV stocks to monitor in 2024.
American Lithium
Arcimoto Inc
Workhorse Group
CBAK Energy Tech
SOLO
American Lithium
Ticker: NASDAQ:AMLI
Price: $0.77
Avg Target Price: $4.31
Avg Recommendation: Buy
American Lithium is poised to play a major role in the Americas' transition to secure, sustainable new energy. They focus on Nevada and Peru. They have diverse projects across different locations and geological formations.
Their TLC claystone lithium deposit in Nevada is conveniently close to Tesla's giga-factory. This adds to its strategic significance. The company is dedicated to ensuring a safe and reliable supply of strategic battery and energy metals. This aligns with the initiatives of the Biden Administration and other Western countries.
Their strong presence in the US and Peru positions them as a key player. They are developing sustainable domestic lithium resources. Being named to the TSX Venture 50 in 2019, 2021, and 2022 highlights their prominent position in the industry.
Should You Buy NASDAQ:AMLI Stocks in 2024?
AMLI, presents a compelling investment opportunity in the EV sector for 2024. With a current price of $0.77 and an average target price of $4.31, the potential for significant growth is evident. Analysts' average recommendation to buy further bolsters confidence in this stock.
Arcimoto Inc
Ticker: NASDAQ:FUV
Price: $0.61
Avg Target Price: $4.00
Avg Recommendation: Buy
Arcimoto focus on creating highly efficient electric vehicles. They offer the Fun Utility Vehicle (FUV), Modular Utility Vehicle (MUV), Deliverator for local deliveries, and Rapid Responder for first responders. These vehicles are adaptable and efficient. They have features like a top speed of 75 MPH and a range of 102 city miles for the FUV.
Arcimoto's mission is to replace large, expensive polluters with a sustainable transportation system. They strive to have appropriately-sized, super efficient EVs available everywhere.
This aligns with the global trend towards sustainable transportation and positions Arcimoto as a leader in the EV revolution. Their commitment to sustainability includes reducing emissions and promoting efficient electric transportation solutions.
Should You Buy NASDAQ:FUV Stocks in 2024?
Investing in FUV in 2024 may be a smart move if you are looking for cheap EV battery stock to add to your portfolio.
This EV battery company stock is currently priced at $0.61. With an average target price of $4.00, there is significant potential for growth. Analysts also recommend buying Arcimoto, further supporting the case for investing in the company.
Workhorse Group
Ticker: NASDAQ:WKHS
Price: $0.25
Avg Target Price: $0.71
Avg Recommendation: Hold
Workehorse specialize in electric trucks and drone solutions for "emission-free last-mile delivery". Their product range includes the W4 CC, W750, and W56 work trucks, as well as drone solutions like the WA4-100 "Horsefly" UAS and WA4-200 "Falcon" UAS. These vehicles and drones are tough, efficient, and adaptable for various logistical solutions.
Workhorse's vehicles have collectively driven over 9.5 million miles. This proves their reliability and efficiency.
The company claims their medium-duty electric trucks can save over $7,000 per year in operating costs compared to regular trucks. Plus, their trucks can travel up to 150 miles on a single charge. This shows their practicality for last-mile deliveries.
Should You Buy NASDAQ:WKHS Stocks in 2024?
When analyzing Workhorse's potential in the 2024 EV market, consider that WKHS stock is currently priced at $0.25. Analysts' average target price is $0.71. This indicates room for growth. However, it's worth mentioning that analysts are recommending a 'Hold' for this stock. This suggests a need for caution.
The company has an innovative approach and specializes in last-mile delivery solutions. The 'Hold' recommendation suggests potential investors should stay updated on the company's performance. They should also track industry developments before making any decisions.
CBAK Energy Tech
Ticker: NASDAQ:CBAT
Price: $0.96
Avg Target Price: $1.80
Avg Recommendation: Hold
CBAK Energy Tech is one of the first Chinese companies in this field on NASDAQ. It has established itself as a significant contributor to the electric vehicle (EV) battery industry.
They are focused on innovation and shaping the future of energy storage. CBAK Energy Tech is committed to developing high-quality lithium battery technology. This commitment is crucial in an industry where efficiency, reliability, and sustainability are most important.
Their expertise in this field makes them a vital supplier in the global shift towards electric vehicles and renewable energy sources.
Should You Buy NASDAQ:CBAT Stocks in 2024?
Right now, CBAT is priced at $0.96, but analysts have an average target price of $1.80, indicating potential for growth.
It's worth noting that analysts recommend a 'Hold' approach. This suggests caution due to the EV battery industry's competitiveness and rapid change.
Potential investors interested in long-term investments on EV penny stocks should consider broader market trends. These include competition, technological advancements, and regulatory changes. All of these factors could impact CBAK Energy Tech's performance.
The company has a promising position in the EV battery sector. However, analysts are cautious. They suggest that investors closely monitor market developments and the company's strategic moves. This should be done before making any investment decisions.
SOLO
Ticker: NASDAQ:SOLO
Price: $0.26
Avg Target Price: $0.40
Avg Recommendation: Hold
EV manufacturer SOLO stands out due to its unique approach to city transportation. They create electric vehicles that are perfect for the modern urban lifestyle. Their key market is made of individuals who prefer to travel alone.
By focusing on this particular niche, SOLO provides an innovative solution to urban traffic and environmental issues.
Should You Buy NASDAQ:SOLO Stocks in 2024?
In 2024, we must evaluate SOLO's path and growth potential in the EV market. Currently, the stock price is $0.26, with analysts predicting a potential increase to $0.40. This suggests there may be room for growth.
At the same time, analysts advise caution and recommend a "Hold" stance. This is because the EV industry is highly competitive, and expanding can pose challenges.
SOLO's recent partnership with Xos, Inc. is a significant development. It has the potential to enhance the company's electric truck production capabilities. It also has the potential to enhance the company's fleet services.
Where to Buy EV Battery Stocks: Best Online Brokers
Online brokerage services provide a convenient way to invest in EV penny stocks. Here are your top options.
ACCOUNT MINIMUM DEPOSIT | $0 |
|---|---|
FEES | $0 |
INVESTMENT TYPES | Stocks, Bonds, Mutual Funds, ETFs, and Cryptocurrencies |
Fidelity is a highly respected online brokerage firm. It allows you to trade stocks completely free of charge, including the EV battery penny stocks to buy included on this page.
The best part? If you complete 36 or more trades in a year, they provide you with their Active Trader Pro platform. This offers fantastic features on their website and mobile app.
Fidelity, which is one of the top trading apps, also provides real-time updates on your portfolio, the market, and all the necessary research. You can personalize it to fit your preferences. You can keep track of your positions, check your balances, and transfer money.
Oh, and they even have a tool to help you discover the best EV stocks to invest in. Pretty amazing, right?
ACCOUNT MINIMUM DEPOSIT | $0 |
|---|---|
FEES | $0 |
INVESTMENT TYPES | Stock, Options, ETF and Cryptocurrencies |
Robinhood is a financial services company based in Menlo Park, California. It aims to make investing accessible and enjoyable and has a special focus on "younf investors".
Their mobile app is extremely user-friendly. It allows you to trade EV penny stocks without any fees.
One drawback of Robinhood is that it lacks the advanced tools and resources used by professionals. They do offer some basic market research tools and real-time stock quotes to assist you. However, they offer fewer features compared to eToro and Plus500.
The Robinhood trading app allows you to track your trades and create watchlists. If you desire additional features, you need to subscribe to Robinhood Gold for a $5 monthly fee.
This subscription grants you access to extra tools, research, and faster cash availability. Overall, Robinhood offers an appealing package at an affordable price.
What Are EV Penny Stocks and How do They Work?
According to the U.S. Securities and Exchange Commission (SEC), a "penny stock" is typically a security issued by a small company. It trades at less than $5 per share.
An 'EV penny stock' refers to a stock of a company in the electric vehicle industry that trades at less than $5 per share.
Many EV penny stocks do not trade on major market exchanges. These exchanges, such as the New York Stock Exchange (NYSE) and Nasdaq, have specific requirements for listed companies.
For example, Nasdaq will delist a company's shares if they fail to maintain a minimum closing bid price of $1/share for 180 days. That's why many people interested in trading EV penny stocks often turn to the over-the-counter market (OTC).
There are some notable exceptions. Companies such as Arcimoto (FUV) and CBAK Energy Technology (CBAT) are considered to be among the best EV penny stocks. They actually trade on major exchanges like the NASDAQ and the NYSE, respectively.
The cheap EV stocks on this page manage to do so because their share prices consistently fall between $1 and $5.
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