Mar. 5, 202410 min read

Top 3 EV Stocks to Watch 2024

Tim BohenAvatar
Written by Tim Bohen

Electric vehicles (EV) stocks are a constant presence on the Reddit forums. The low-priced shares coupled with the emerging yet pervasive EV industry can create massive profit potential.

Everyone’s aiming to seize the electric future. As Tesla has taken the lead in the electric vehicles market, many companies are riding the wave, exploring innovations and price competitiveness.

Reddit, a hub of enthusiastic traders, often stirs up shares with robust volume. But there are things you need to know about EV stocks, especially those under $5. For example: Should you be enticed by market news about WKHS or other tickers?

Stay with me here because this article is your survival guide for navigating Reddit-endorsed EV stocks under $5. It will also answer these questions…

  • What Are the Top EV Stocks Under $5 on Reddit?
  • What Makes Reddit a Hub for EV Stock Discussions?
  • What Role Does AI Play in These EV Stocks?
  • How Do These Stocks React to Market News?
  • Are These EV Stocks Under $5 Strictly Day Trades?

What Is an EV Stock?

EV stands for Electric Vehicles, and this industry is fueling significant change. If you think EVs are limited to Tesla, think again. It’s a burgeoning market where companies are engaging in fierce competition.

Electric vehicles are not just a niche, they are redefining transport. When people invest in EV stocks, they’re betting on a sector that aims to replace the combustion engine entirely. The EV market CAN be a target for those looking to invest in innovation and sustainability.

Top EV Stocks Under $5 on Reddit

My top EV penny stock picks for 2023 are:

  • NASDAQ: MULN — Mullen Automotive Inc. — The EV Penny Stock with No Shares to Short
  • NASDAQ: FFIE — Faraday Future Intelligent Electric Inc. — The EV Penny Stock That Also Wants to Be an AI Penny Stock
  • OTCQB: ABML — American Battery Technology Co. — The EV Battery Penny Stock Spiker

Reddit has become an essential platform for market news, especially for stocks under $5. Tesla might be the king, but there are other EV companies that Reddit experts are eyeing.

The ticker WKHS, for example, has been buzzing among Reddit traders. Trading this stock doesn’t have to mirror the big moves. It’s about understanding the volume, analyzing the price, and being aware of the market shifts in EVs. Reddit can be a goldmine for insights, but caution must be exercised. Follow not just the hype but the sound trading principles that guide Wall Street’s successful players.

Reddit has become more than just a social media platform, it’s a hub for traders looking to explore opportunities in various markets, including EV stocks.

The community-driven insights and discussions on Reddit can provide valuable perspectives on EV stocks under $5. Whether you’re a seasoned trader or a beginner, understanding the dynamics of these stocks requires careful analysis and a willingness to learn from various sources.

If you’re interested in diving deeper into the world of penny stocks on Reddit, you can explore more about Reddit’s influence on penny stocks.

Before you send in your orders, take note: I have NO plans to trade these stocks unless they fit my preferred setups. This is only a watchlist.

The best traders watch more than they trade. That’s what I’m trying to model here. Pay attention to the work that goes in, not the picks that come out.

Sign up for my NO-COST weekly watchlist here!

1. Mullen Automotive Inc. (NASDAQ: MULN) — The EV Penny Stock with No Shares to Short

My first EV penny stock pick is Mullen Automotive Inc. (NASDAQ: MULN).

Talk about going from 250,000 to 0…

This EV penny stock has a bad habit of running out of available short shares. The company has a large float. But 10% short interest is something to watch out for — especially when the stock in question is a Reddit favorite.

Check out my Reddit watchlist here!

Mullen Automotive Inc. is a notable name in the EV penny stock market, and its performance has attracted attention from various quarters.

Trading platforms play a crucial role in the success of trading these stocks, and choosing the right one can make a significant difference. If you’re considering trading Mullen Automotive Inc. or other similar stocks, you might want to explore platforms like Saxo Bank. Learn more about Saxo Bank for day trading and see how it can enhance your trading experience.

The Nasdaq has a $1 listing minimum, and MULN just made a major effort to get above that share price minimum… In August, the company split its shares AGAIN to achieve Nasdaq compliance. And the CEO issued a letter to shareholders in an attempt to bolster sentiment.

But it can’t seem to stay ahead without getting sucked back below the threshold. 

While MULN’s meme potential may have a stock army in the making, this likely won’t be enough to salvage the scraps of this nosedive. But I never make the kinds of bets that newbie shorts are prone to — I just keep stocks like MULN on watch.

2. Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) — The EV Penny Stock That Also Wants to Be an AI Penny Stock

My second EV penny stock pick is Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE).

FFIE isn’t a fan of putting all its eggs in one basket… 

This EV penny stock has one foot in EV penny stocks and the other in AI penny stocks. 

On May 30, FFIE launched its FF 91 2.0 Futurist Alliance — a $309,000 AI tech luxury car — which it bills as a game-changer in the EV industry. 

At the same time, the company released its product aiHypercar+, which it plans to sell in the U.S. and China. 

The stock has a history of spiking, despite its current bearish trend. It spiked … 

  • In January 2021
  • In July 2022
  • In January 2023
  • And in June 2023

Try as they might, this company is no Tesla. But the volatility is profitable if we follow the right patterns and wait for the perfect opportunity.

3. American Battery Technology Co. (OTCQB: ABML) — The EV Battery Penny Stock Spiker

My third EV penny stock pick is American Battery Technology Co. (OTCQB: ABML).

American Battery Technology Co. is at the forefront of lithium-ion battery recycling, a critical aspect of the EV industry.

Trading such companies requires not only understanding the market trends but also having access to the right trading platforms. Hargreaves Lansdown is one such platform that offers a wide range of tools and resources for traders. If you’re looking to trade American Battery Technology Co. or similar stocks, discover how Hargreaves Lansdown for day trading can be a valuable asset in your trading journey.

You’ve got to pay attention to this stock’s habitual news-based hype and predictable fall … ABML has short-lived spikes in response to sensational news.

Though there isn’t any recent news catalyst to send this stock spiking, it’s always a good idea to keep a past runner like this one on the list.

There are a ton of ways to trade in every sector — but all of them start with the basics.

That’s what I start with every day in my Daily Income Trader program. 

Daily Income Trader gives you access to all of the following:

  • Premarket Prep with StocksToTrade lead trainer Tim Bohen
  • Bryce Tuohey from Small Cap Rockets giving a market-open webinar each day
  • Tim Bohen back at noon with his afternoon Double Down review
  • Small Cap Rockets’ Matt Monaco in the after-hours sharing his game plan for the next trading day

You get access to StocksToTrade, the subscriber-only trading rooms Breaking News and Small Cap Rockets, the Discord chat, 600-plus webinars, and more…

Daily Income Trader is your key to unlocking the market — check out the webinar here!

Have you traded EV penny stocks? Let me know in the comments!

Frequently Asked Questions

Why Invest in EVs?

Investing in EVs is not just about riding the electric wave or following Tesla’s lead. It’s about acknowledging a global shift towards cleaner, sustainable energy.

Electric vehicle stocks are about innovation, growth, and an environmentally responsible future. 

Remember, it’s not an ‘all or nothing’ approach. Being part of this industry means aligning with the future and making informed decisions.

But when it comes to EV stocks under $5, those are strictly day trades. You never know when one of these crappy penny stocks will collapse.

Are Reddit Penny Stocks a Good Investment?

Penny stocks can be enticing, but they come with their unique challenges. Reddit’s forums might buzz with excitement, but you need to align investments with your risk tolerance.

Being right doesn’t mean being reckless. Reddit offers a plethora of information, but it doesn’t replace sound judgment and a coherent strategy.

Why Do Investors Buy Penny Stocks?

Investors buy penny stocks seeking potential growth at a minimal initial investment. They are drawn to them because of the low share price, but caution must be the name of the game. 

Understanding volume, and share dynamics, and keeping a close eye on market news is vital.

How to Identify Cheap Stocks to Buy Today?

Identifying cheap stocks is not a mere game of numbers. Look at the shares, understand the trading volume, analyze the target market, and assess the company’s fundamentals.

It’s not about buying low for the sake of it. It’s about seeing potential, understanding the price movements, and aligning it with your trading principles.

Can You Really Find EV Stocks Under $1?

Yes, EV stocks under $1 exist, but they come with inherent risks. Don’t let the price tag alone guide you.

Look at the companies, understand the market, and have a strategy. As always, small gains add up, and understanding this market requires not just following the trends but embracing a responsible, strategic approach.