5 EV Penny Stocks to Buy Now

In this article, we will discuss 10 EV penny stocks to buy now. If you want to read our detailed analysis of the EV industry, major players, and future outlook, you can go to 10 EV Penny Stocks to Buy Now.

5. Electrameccanica Vehicles Corp. (NASDAQ:SOLO)

Number of Hedge Fund Holders: 10

Share Price as of March 30: $2.37

Electrameccanica Vehicles Corp. (NASDAQ:SOLO) manufactures and sells electric vehicles in Canada. The company operates in two segments: Electric Vehicles and Custom Build Vehicles. The company’s flagship product is the SOLO, a single-seat vehicle. The company is also developing Tofino, an all-electric two-seater roadster. This March, Electrameccanica Vehicles Corp. (NASDAQ:SOLO) announced earnings for the fiscal fourth quarter of 2021. The company’s quarterly revenue came to $1.51 million, up 1,307.36% year over year, outperforming market consensus by $0.48 million.

On February 15, 2022, Electrameccanica Vehicles Corp. (NASDAQ:SOLO) announced a collaboration with Faction Technology to test Faction’s driverless and remote vehicle operation technology on the SOLO EV Platform. Faction Technologies is working in the domain of autonomous driving, and its AI is trained to detect patterns of when a vehicle needs guidance from an operator. ElectraMeccanica Vehicles Corp. (NASDAQ:SOLO) and Faction Technologies are moving towards the pilot deployment of a driverless demonstration of up to 24 SOLO EVs over the next 12 months.

By the end of the fourth quarter of 2021, Electrameccanica Vehicles Corp. (NASDAQ:SOLO) was spotted on 10 hedge fund portfolios that had total stakes worth $6.77 million in the company. This is compared to 8 positions in the prior quarter, with total stakes of $5.25 million. The hedge fund sentiment for the stock is positive.

According to Insider Monkey’s database, Millennium Management was the most prominent stakeholder in Electrameccanica Vehicles Corp. (NASDAQ:SOLO) at the close of the fourth quarter of 2021. The fund upped its previous stakes in the company by 151%, and as of February 23, 2022, has stakes worth more than $4.74 million in the company.