Best Electric Vehicle Penny Stocks to Watch Right Now
Electric vehicle penny stocks are shooting up today on some exciting news from the Biden administration. Before we get into it, let’s talk about what EV penny stocks are doing outside of this news. While giants like Tesla Inc. (NASDAQ: TSLA) remain at the forefront of the EV market, many smaller companies have come to light.
Now, we know that the future will put a major emphasis on renewable energy. And this is illustrated by the largest car manufacturers in the world like Ford, Audi, Volvo, and Mercedes, all working to produce new electric vehicles. And while you may think that only EV penny stocks are benefitting, there are plenty of penny stocks to watch that don’t manufacture electric vehicles.
This includes those working on the materials that go into batteries, mining penny stocks, and alternative electrified methods of transportation. Because of this, the industry has become extremely broad in the past few years.
Today, President Biden announced a $174 billion electric vehicle plan, which could include billions in subsidies for those manufacturing EVs.
“We’ve got to take over the world market — that’s what this is about — being the best in the world and exporting these.”
President Joe Biden
Biden is referring to China, which is becoming a major producer of EVs right now. And, with unemployment only dropping slightly in the past month or so, the potential for the electric vehicle market could mean hundreds of thousands of new jobs for the U.S. economy.
Part of Biden’s plan includes cost-sharing benefits for new battery production facilities in the U.S. And, it also includes over $100 billion in consumer rebates for those who purchase these vehicles. So, with an EV movement on the horizon, let’s take a look at three electric vehicle penny stocks to watch right now.
3 EV Penny Stocks to Watch
- ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO)
- United States Antimony Corp. (NYSE: UAMY)
- Aqua Metals Inc. (NASDAQ: AQMS)
1. ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO)
If you’re looking for a pure-play EV manufacturer, ElectraMeccanica Vehicles could be one to watch. The Canadian designer and manufacturer of electric vehicles produces innovative and purpose-built cars for urban driving, commuting, and delivery. Its flagship vehicle is known as the SOLO, which is a three-wheeled automobile, that the company states could revolutionize the auto industry.
It’s worth noting that its subsidiary, InterMeccanica, has been building specialty vehicles for more than 60 years. But, its foray into the EV market is still relatively new. At the end of last week, SOLO reported its Q1 2021 financials along with some exciting company updates. This includes it breaking ground on an engineering technical center in Mesa, AZ. When this facility is…