5 EV Penny Stocks to Buy Now

4. REE Automotive Ltd. (NASDAQ:REE)

Number of Hedge Fund Holders: 10

Share Price as of March 30: $1.97

REE Automotive Ltd. (NASDAQ:REE) is an Israel-based electric vehicle technology company that operates in the e-mobility business. The company develops REEcorner technology, which integrates vehicle drive components, including steering, braking, suspension, powertrain, and control into the arch of the wheel. The company also develops REEboard which is a flat and modular EV chassis. This March, Wells Fargo analyst Lawrence Biegelsen initiated coverage of Ree Automotive Ltd. (NASDAQ:REE) with an Underweight rating and a $1 price target.

Last November, REE Automotive Ltd. (NASDAQ:REE) announced that it has entered into a strategic collaboration with American Axle & Manufacturing, Inc. (NYSE:AXL) to supply high-performance electric drive units in a modular platform that can support multiple customer vehicle programs. Both companies announced plans to develop a new electric propulsion system that integrates REE Automotive Ltd.’s (NASDAQ:REE) REEcorner technology into Axle & Manufacturing, Inc.’s (NYSE:AXL) electric drive units which will enable a fully flat EV chassis for multiple commercial vehicle applications. Prototyping is underway as of the close of 2021, and full-volume production is expected by 2024.

Insider Monkey spotted REE Automotive Ltd. (NASDAQ:REE) on 10 hedge fund portfolios at the end of the fourth quarter of 2021. These funds had collective stakes of $21.07 million in the company.