Ten Best EV Penny Stocks for 2023
Last Updated: March 1, 2023
The popularity of electric vehicles has been growing at a rapid pace with sales of EVs rising by 160% across the globe in 2021 alone. And with many governments pushing for a greener future, we could see the sale of non-EV vehicles go down to less than 1% of the global car market by 2045, predicts a study by Ernst & Young.
The best way to get into this booming industry: investing in EV penny stocks.
Which EV companies have the potential to make it big? Where should you put your money?
To help you answer that question we compiled a list of the best EV penny stocks for 2023 based on price growth, expansion plans, and new product developments.
Disclaimer: All prices shown are current as of January 27, 2023.
EV Stocks Under $1
1. AYRO Inc. (NASDAQ: AYRO)
0.7500 USD +0.0600 (8.70%)
Ayro, Inc. is a Texas-based company that designs and produces light-duty concept EVs for different industries and purposes, such as closed-campus mobility, food delivery providers and last-mile delivery services.
Founded only 6 years ago, Ayro is already poised to dominate the multibillion-dollar purpose-built EV market. Their California-made Club Car Current received a total purchase order of $4.9 million within two months of its introduction, while revenue grew by +44% YOY in Q3 2021, reaching $559,370.
In addition, the company recently introduced the release of the Ayro Vanish, a low-speed customizable EV and the first in Ayro’s new strategic product roadmap. The vehicle will be made available to additional markets across North America through the company’s newly-announced dealer program.
2. Ideanomics Inc. (NASDAQ: IDEX)
0.2050 USD +0.0144 (7.56%)
Headquartered in New York City, New York, Ideanomics is a global EV enterprise focusing on the commercial adoption of EVs and associated sustainable energy consumption.
To that end, the company offers commercial EVs, such as vans, buses, trucks, and two-wheeled transportation, high-power inductive charging solutions for medium and heavy-duty EVs, and next-gen financial services and fintech products.
Ideanomics has 5 subsidiaries including Solectrac, U.S. Hybrid., VIA Motors, Wave, and Treeletrik, while in March 2022, the company acquired a 70% stake in Energica Motor, an Italian producer of high-performance electric motorcycles.
Another thing that makes this a great penny stock to consider is the company’s strong Q3 2022 financial results which report revenue of $24.3 million for the quarter and a 54.7% increase in earnings from EV and charging products.
3. Volta Charging (NYSE: VLTA)
0.8550 USD -0.0026 (-0.30%)
San Francisco-based Volta Charging operates a network of charging stations for electric vehicles in the United States. As of September 30, 2022, it had installed 3,093 chargers across 23 territories and states. That same quarter, the company reported revenue of $14.4 million, a YOY increase of 69%.
Volta charging stations are compatible with all major plug-in hybrids and BEVs. They’re free too since they are supported by advertisements (displayed on the digital screen).
In January 2023, Shell announced its acquisition of Volta in an all-cash transaction valued at $169 million. The deal will see Shell USA buy the outstanding shares of class A common stock of Volta at 86 cents per share. The merger will be finalized within the first half of the year.
4. Xos Inc (NASDAQ: XOS)
0.9555 USD +0.1066 (+12.56%)
Xos is an electric mobility company that manufactures Class five to eight battery-electric commercial vehicles. In addition, it offers a range of services, including charging infrastructure, maintenance, and financing, in order to facilitate the transition of fleets to battery-powered vehicles. Some of their biggest customers include UniFirst, Wiggins Lift Co., and Loomis.
Another thing that makes this EV penny stock the one to watch is the Q3 financial reports which show a 12% jump in revenue to $11.0 million.
On top of that, in August 2022, Xos announced a strategic partnership with NationaLease which will allow the manufacturer to list their proprietary Xosphere fleet management platform and vehicles as part of NationaLease’s offerings, thereby expanding their footprint across the country.
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EV Stocks Under $5
5. Electra Meccanica (NASDAQ: SOLO)
1.0100 USD +0.0548 (5.74%)
Electra Meccanica is an electric vehicle startup, founded in 2015 and headquartered in Burnaby, Canada. The company is setting the standard for innovative electric mobility solutions, developing and producing EVs as well as custom-built vehicles.
Electra Meccanica may be a small enterprise, but it has great potential for growth—the company has a $118.86M market cap and revenue totaling $1.44m in Q3 ‘22.
With plans to expand further into the US (a production plant in Arizona will be set up by the end of the year with the capacity to manufacture 20,000 vehicles a year) as well as develop an all-electric two-seater roadster, in addition to their flagship product the single-seat SOLO, Electra Meccanica is definitely an EV company to watch out for.
6. Arcimoto (NASDAQ: FUV)
2.2200 USD +0.0600 (+2.78%)
Headquartered in Eugene, Oregon, Arcimoto manufactures, sells, and rents three-wheeled electric vehicles across the US. Their flagship product is the Fun Utility Vehicle (FUV), a tandem two-seat, three-wheeled vehicle for personal use. In addition, the company manufactures the Rapid Responder designed for emergency and security services as well as the Deliverator for last-mile and local delivery.
Arcimoto currently employs over 300+ full-time workers and has a market cap of $14.726 million.
2022 was a difficult year for Arcimoto, with the company halting production, although things are looking up—the manufacturer witnessed a 20% sales bump in Q4 2022, increasing delivery to 89 EVs from the 73 reported in Q3.
7. CBAK Energy Technology Inc (NASDAQ: CBAT)
1.1650 USD +0.0050 (+0.43%)
CBAK Energy is a leading manufacturer and seller of high power lithium batteries, an integral part of the production and operation of EVs. The company has several facilities in Dalian and Nanjing, China, while its products are shipped worldwide, including Europe, Korea, and the USA.
CBAK Energy was the first lithium battery manufacturer in China to be listed on the Nasdaq Stock Market. Today, the company is still showing signs of massive growth, boosting revenue by 504% in Q3 2022 to $57.7 million. An increase in production is also in the works as demand for their products grows.
Lastly, Technavio forecasts that the market for lithium batteries could reach $58 billion by 2025, a number that should put CBAT stock on everyone’s radar.
8. Kandi Technologies Group, Inc. (Nasdaq: KNDI)
2.7600 USD -0.0700 (-2.47%)
Kandi Technologies Group is a fast-growing Chinese-based company that develops, produces, and distributes EV products and parts. It also offers off-road vehicles, such as electric scooters, and all-terrain and utility vehicles.
Kandi’s sales of EV parts declined considerably, however, financial analysts predict an optimistic future ahead as the company’s earnings are set to increase by 68%. Kandi reported total revenue of $33.7 million in 2022, compared to $16.8 million in 2021, with the sale of off-road vehicles and associated parts going up by 217.6%.
In 2022, Kandi joined forces with Hunan Hengrun Automobile to produce battery-swappable pure electric vehicles, while in 2021 it acquired a leading lithium-ion rechargeable cells producer in China, putting them at the forefront of the battery-swapping market.
9. Workhorse Group Inc. (NASDAQ: WKHS)
2.2300 USD +0.1500 (+7.21%)
Workhorse, based in Cincinnati, Ohio, manufactures and sells electric commercial vehicles, Metron telematics software systems, and delivery drones.
Workhorse has had a difficult year behind them, but it is set to rebound in 2023. The company recently announced that it discounted its C1000 program, choosing to focus its resources on increased production of its W4CC, W750, and W56 vehicles. What’s more, Workhorse has partnered with GreenPower for the production of the company’s W750 step van line (GreenPower has already started the delivery of the first tranche of EV Star Cab and Chassis).
Throughout the year, Workhorse plans to ship around 25 to 100 vehicles and generate up to $15 million in revenue.
10. American Lithium Corp. (NASDAQ: AMLI)
3.5800 USD +0.0100 (+0.28%)
Headquartered in Vancouver, Canada, American Lithium identifies, acquires, and develops resource properties in the Americas, primarily focusing on their lithium projects in Nevada and Peru. In Nevada, the company runs the TLC Claystones project, covering an area of 5,052 hectares, while in Peru it operates the Macusani Uranium project, the 5th largest undeveloped uranium deposit. Combined, the company owns the world’s biggest lithium resource bases.
American Lithium currently trades on the TSX Venture Exchange, although it recently announced that it is joining Nasdaq under the ticket AMLI.
AMLI stock may be cheap but that is expected to change soon given the recent supply chain disruptions and the growing price of lithium, making this one of the penny stocks to keep an eye on.
Cheap EV Stocks to Buy in 2023
1. Panasonic Holdings (OTCMKTS: PCRFY)
9.37 USD +0.17 (+1.85%)
Japanese multinational conglomerate corporation Panasonic is also one of the leading manufacturers of lithium-ion batteries, backed by over a century of innovation in battery cell technology and business operations.
Panasonic is ranked 4th globally amid battery makers with a market share of 10%.
The company, which is Tesla’s main battery supplier and key investor, has recently unveiled plans to open another electric vehicle battery factory in the USA, investing $4 billion and creating 4,000 new jobs in the process.
Panasonic already runs a battery factory with Tesla near Reno, Nevada, which is currently one of the biggest lithium-ion battery plants, shipping more than six billion EV battery cells. Panasonic Energy also provides batteries for medical and consumer products.
2. Chargepoint (NYSE: CHPT)
12.16 USD +0.86 (+7.61%)
ChargePoint operates the biggest network of independently owned EV charging stations. It also manufactures the technology used in the charging stations, starting from hardware to cloud services and support. So far, they delivered more than 145 million charges across 14 countries. In March 2022, the number of charging stations stood at 174,000.
On top of that, the company reported impressive financial results for the last quarter—revenue was up by 93% from $65.0 million to $125.3 million, while revenue from networked charging systems increased 105% to $97.6 million.
ChargePoint expected revenue to hit $170 million in Q4, which given the demand for EVs and in turn charging stations, is a likely possibility.
3. Proterra Inc. (NASDAQ: PTRA)
5.06 USD +0.23 (4.76%)
Proterra is an automotive company that designs and produces battery electric transit buses and provides high-power charging solutions and software services for fleets of heavy-duty vehicles.
The company was incorporated in 2004 and went public in 2021. Its corporate headquarters are located in Burlingame, California.
Proterra is revolutionizing the transit industry with their Proterra ZX5, which offers more battery storage than other vehicles, i.e. a range of 300+ miles per charge. It is also set to profit from the government’s Clean School Bus Program, which will award $1bn to school districts to finance the switch from old to new electric bus models.
Their financial results are just as remarkable—their revenue increased 55.35% since the same quarter last year to $96.22M.
4. Wallbox (NYSE: WBX)
5.66 USD +0.32 (5.99%)
Wallbox is an award-winning smart electric vehicle charging provider based out of Barcelona, Spain. The company designs, manufactures, and sells charging software solutions for residential, business, and public use as well as EV charging hardware products, upgrades, and accessories.
In October last year, Wallbox opened its first North American manufacturing facility in Arlington, Texas—a 130,000-square-foot factory designed to manufacture more than one million units in 2030. On top of that, it received its first orders of Hypernova, a fast-charging station developed to meet U.S. government subsidy requirements.
In terms of revenue and growth, Wallbox continues to impress—the company witnessed a 535% revenue growth in North America in Q3 ‘22. It also sold 67,000 chargers, up 93% compared to Q3 2021.
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What is the best EV stock to buy in 2023?
It may not be a penny stock, but Tesla remains the best investment for anyone interested in putting their money in the EV market, especially now that Elon Musk’s company has reported fourth-quarter earnings.
According to the company, total revenue stood at $81.462B in 2022 a 51.35% increase YOY, while revenue for the quarter came in at $24.3 billion, up 37% year-over-year (YOY). Tesla produced 439,701 vehicles during the quarter and shipped 405,278. Production goals for 2023 are set at 1.8 million vehicles.
The Texas-based company is still the biggest EV automaker by market cap ($557.44 billion as of January 2023) and the 6th most valuable company in the world.
Bottom Line: Should I Invest in EV Penny Stocks?
Penny stocks can be a good investment—they are a cost-effective way to gain entry into a market set to grow at an even higher pace in the future. On the downside, the EV market is an emerging sector and is still volatile with periods of varying liquidity during which investors can struggle to sell the stock.
Whether you buy one of the best EV penny stocks or shares in a blue-chip company, it is important to do proper research into the stocks you are buying and carefully weigh out the pros and cons. If you do decide to invest in penny stocks, find a reliable broker with low fees to reduce your initial investment even further.