5 Best EV Stocks Under $5

2. Lordstown Motors Corp. (NASDAQ:RIDE)

Stock Price as of August 3: $2.930

Number of Hedge Fund Holders: 13

Lordstown Motors Corp. (NASDAQ:RIDE) is an Ohio-based EV company which operates a production facility that previously belonged to General Motors Company (NYSE:GM).

Some experts consider Lordstown Motors Corp. (NASDAQ:RIDE) similar to what Tesla, Inc. (NASDAQ:TSLA) was around ten years ago. Lordstown Motors Corp. (NASDAQ:RIDE) has reached an agreement with Foxconn that will help it raise capital for the mass production of Endurance, the company’s flagship light-duty electric-powered pickup truck. Lordstown Motors Corp. (NASDAQ:RIDE) is on track to deliver 500 vehicles this year. Analysts expect the company’s annual production to rise to 2,500 vehicles in 2023 and 10,000 vehicles in 2024.

Lordstown Motors Corp. (NASDAQ:RIDE) was held by 13 elite funds at the end of Q1 2022.