10 Best EV Penny Stocks to Buy According to Hedge Funds

7. Polestar Automotive Holding UK PLC (NASDAQ:PSNY)

Number of Hedge Fund Holders: 10

Share Price: $1.06

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is one of the best EV penny stocks to buy according to hedge funds. On July 14, Cantor Fitzgerald reaffirmed its “Neutral” rating on Polestar shares, despite the company reporting second-quarter 2025 delivery results that exceeded estimates. Polestar delivered 18,049 vehicles in the quarter, beating Cantor Fitzgerald’s estimate of 11,744 vehicles and up from 13,072 deliveries in Q2 2024. The company delivered 30,319 cars in the first half of 2025, a 51% increase compared to the same period in 2024.

Despite the strong delivery numbers, Cantor Fitzgerald cited Polestar’s decision to pause its 2025 financial guidance (as of May 12, 2025) due to deteriorating macroeconomic conditions and uncertainty about tariffs as a reason for maintaining a “Neutral” outlook. The analysts highlighted continuing risks, including significant capital requirements, “Material impacts from tariffs and geopolitical tensions” due to Polestar’s main manufacturing base in China, a substantial debt burden of $5.12 billion, and a negative gross profit margin of -43%.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is a Swedish EV manufacturer. The company designs and sells premium battery-electric cars, including the Polestar 2 fastback sedan, the Polestar 3 and 4 SUVs, and the upcoming Polestar 5 grand tourer. Polestar also offers performance software upgrades, carbon credits, and vehicle leasing services.