10 Best EV Penny Stocks to Buy According to Hedge Funds

4. Commercial Vehicle Group, Inc. (NASDAQ:CVGI)

Number of Hedge Fund Holders: 12

Share Price: $1.90

Commercial Vehicle Group, Inc. (CVG) (NASDAQ:CVGI) is one of the best EV penny stocks to buy according to hedge funds. On August 4, the company reported its Q2 2025 financial results, where revenues declined by 11.2% year-over-year to $172 million. The company attributed the drop to softening demand in the construction, agriculture, and Class 8 truck segments globally.

CVG posted a net loss of $4.1 million, or $(0.12) per diluted share, in the quarter. In comparison, the net loss in Q2 2024 was $1.3 million, or $(0.04) per diluted share. Likewise, adjusted EBITDA decreased 36.6% year-over-year to $5.2 million, with an adjusted EBITDA margin of 3.0%, down from 4.2% in the second quarter of 2024.

CVG boosted its gross margin to 11.3%, an 80 basis point improvement from Q1 2025, despite revenue pressures, and generated $17.3 million in free cash flow, up sharply from $800,000 a year earlier, thanks to better working capital management. For full-year 2025, the company now expects net sales of $650–$670 million, adjusted EBITDA of $21–$25 million, and free cash flow of at least $30 million.

Commercial Vehicle Group, Inc. (NASDAQ:CVGI) is a global supplier of cab and electrical systems, seating assemblies, and plastic components for commercial and electric vehicles. The company serves OEMs across the trucking, construction, and industrial markets, and has expanded its capabilities to support EV platforms through advanced wire harnessing and power management solutions.