Here’s What $500 Invested In 7 Electric Vehicle Penny Stocks In March Is Worth Right Now
Who would have thought 2020 would be the dawn of a new era in electric vehicle stocks. Though many of these companies have been on the market in one shape or form for years, most have traded as penny stocks. Tesla Inc (NASDAQ: TSLA), which was always the top dog in the industry, now finds itself with a number of major competitors.There’s no denying that FOMO (fear of missing out) has driven short-term trends in these lesser-known names, and those who invested early are now reaping the benefits.Before we continue, we need to acknowledge that these stocks carry huge amounts of risk. The EV stocks detailed below are all volatile like penny stocks. So if you are looking for ways to trade these names or make money with penny stocks, it’s important to control your downside.All that being said, a number of new EV stocks have also helped fuel demand. Let’s say you decided that after the March sell-off this year to invest some money into electric vehicle penny stocks. What would that look like right now if you were to take $500 at that time and throw it blindly into some of these names?Kandi Technologies Group, Inc. (NASDAQ: KNDI)Kandi Technologies is one of the newer names in the space. In 2013, the company and Geely Group, a Chinese automaker, jointly invested in the establishment of Fengsheng Automotive Technology Group Co., Ltd. in order to develop, manufacture and sell pure EV products. Earlier this year, Fengsheng introduced its first pure electric SUV, the Maple 30x.Fast-forward to today and Kandi has established dealer partnerships for the retail launch of two “affordable EV models”- K23 and K27. Shares of KNDI have rallied almost 180% in the last two weeks, nearly getting back to the all-time high of $17.40 from July 30.A $500 investment in Kandi in mid-March would’ve gotten someone around 230 shares. At today’s price, that position would be worth around $3,300. That’s a 560% return.ElectraMeccanica Vehicles Corp (NASDAQ: SOLO)ElectraMeccanica’s flagship is a single-passenger EV dubbed “SOLO”. The company has been working toward commercialization and building its U.S. footprint, with its first round of new retail locations just announced at the end of October and the initial shipment of SOLO EV’s just arriving in North America.With commercial launch imminent and momentum as a backdrop, SOLO shares have surged in recent weeks. In a July interview with Benzinga, ElectraMeccanica CEO Paul Rivera said, “We are not trying to compete with Tesla… When you’re driving this car, it’s just you, and you’re focused on the road.”With SOLO shares trading around $0.90 in mid-March, a $500 position would be somewhere in the ballpark of 555 shares. As of Thursday, the former penny stock reached a high of $9.74 making that position worth about $5,405, a 900% gain.Blink Charging Co. (NASDAQ: BLNK)Another one of the “pick and shovel” EV stocks is Blink Charging. The company continues gaining exposure as its charging stations remain a hot topic among traders and customers alike. Not only has Blink focused on expanding its charging footprint, but the company has also benefitted from other industry news. Apple Inc (NASDAQ: AAPL) for example, announced earlier this year that its Apple Maps would include EV charge routing. According to Blink, that will include its charging stations. Last week, Blink introduced a cable management solution for new and existing EV charger locations.BLNK reached a new all-time high Thursday, breaking $19 for the first time. A $500 position in BLNK around mid-March would equate to roughly 312 shares at $1.60. At today’s price that position is worth over $5,720 or an over 1,000% gain.Ayro Inc. (NASDAQ: AYRO)Ayro Inc. initially focused on manufacturing short-haul electric vehicles, such as things that drive around college campuses and office complexes. But the company’s recent deal with Karma Automotive forms a partnership that includes a plan to produce more than 20,000 light-duty trucks over the next three years. It’s also reportedly worth as much as $300 million. While AYRO is still one of the lower-priced EV stocks, shares have been equally explosive. Prior to its merger with DropCar, shares were trading around $0.40 in mid-March. A $500 position was equal to roughly 1,250 shares of DCAR – now AYRO. At this week’s current levels above $6, that position is worth right around $7,700.Green Power Motors (NASDAQ: GP)Green Power was originally listed on the TSX Venture market and traded in the U.S. on the OTCQX Market under the symbol GPVRF. After filing for a $35 million IPO on the Nasdaq, Green Power began trading under GP, the symbol it’s known for today. The company manufactures electric buses, cargo delivery vehicles, shuttles, and transit vehicles. Green Power recently closed a deal for six electric school buses that were sold to Thermalito Union Elementary School District through Greenpower’s national distributor, Creative Bus Sales.While GP reached of $23.45 earlier this year, the former penny stock currently trades around $19. Back in mid-March when Green Power was still on the OTCQX, the penny stock was worth around $1.05 meaning a $500 position was equal to about 476 shares. As of recent levels of $19, that position is now 1,700% higher valued at around $9,000.Workhorse Group (NASDAQ: WKHS)Who could forget Workhorse Group? It was one of the electric vehicle penny stocks originally brought to life by a Trump Tweet last summer. The company specializes in medium-duty trucks with powertrain components under the Workhorse chassis brand. Most recently, WKHS caught some momentum after receiving a purchase order for 500 all-electric C-1000 delivery vehicles from Pritchard Companies. Some of the momentum had been stifled following news that Ford Motor Company (NYSE: F) would be rolling out its own electric cargo vehicle.Needless to say, it hasn’t been a bad year for the former penny stock. In mid-March, shares were trading around $1.50. At its peak, WKHS reached highs of $30.99. Currently, the EV stock sits around $22.78 a share. That means a $500 position in March (roughly 333 shares) is now worth over $7,580 or an over 1,400% gain.Nio Inc. (NYSE: NIO)Nio isn’t the new kid on the block anymore. Last year NIO became a penny stock, at one point trading as low as $1.19. Though it didn’t experience a massive sell-off like most of the market did in the first quarter, shares of NIO stock were hovering around $2.30 in mid-March. But in light of the company’s recent earnings beat, NIO is at $48, knocking on the door of all-time highs. A $500 position in Mid-March would equate to about 217 shares of NIO. Today that would be worth $10,500, equating to a gain of over 2,000%. Neither the author of this post nor Pennystocks.com have a position or financial relationship with any of the stocks mentioned above. See more from Benzinga * Click here for options trades from Benzinga * Cannabis Stock Gainers And Losers From November 19, 2020 * Bitcoin, Ethereum & Chainlink – American Wrap: 11/19/2020(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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