The EV SPAC Boom For The Electric Vehicle Sector

According to the Bank of America, the electric vehicle SPACs might achieve a good rise in the upcoming years. One of the reasons could be the increasing adoption of EVs around the world. 2020 was a great year for many electric vehicle Special-purpose acquisition companies. 

Until May last year, Tesla was the only dedicated EV manufacturing company based in the United States in the stock market. Nikola, Lordstown Motors, Fisker, XL Fleet Corp, and Canoo are one of those companies that went public through a reverse merger with SPAC last year after May 2020. And the stock price of all these companies went high, benefitting the pockets of many investors. 

Stock Changes – You Might Want To Know About 

Would you believe that Tesla, one of the most popular and biggest EV companies, behaved like penny stocks in 2020? Well, that’s true. The stocks of Tesla ran low at less than $150. But in the first quarter of 2021, it went straight to $800. Tesla sparked the electric vehicle stock trend. And it’s not the only company that went from being a penny stock to a high-priced stock. Another good example is Nio Inc, which was another EV penny stock. 

It was a penny stock till 2021 with a price of approximately $3. And in the first quarter of 2021, or to be more specific, on 22 January, its price was around $61 – no longer a penny stock. Just like Tesla and Nio Inc, there are so many EV SPACs that went from low to high in 2021. Now the most important questions:

Are There Any Odds Of EV Penny Stocks Going Parabolic?

Well, the answer is very simple. And surprisingly, we have already answered it. Yes, all these examples are clear proof that – there are high chances of EV penny stocks getting a huge raise by the end of 2021 and 2022. This means, adding EV penny stocks to your portfolio is worth it. But the question here is which under the radar electric vehicle stocks you should watch out for this year? The list is long, but let’s focus on those with the highest probability to rise.

EV Penny Stocks To Watch Out This Year

1. Ault Global Holdings, Inc. (NYSE: DPW)

The portfolio of DPW covers a wide range of sectors, including industrial, defence/aerospace, textiles, medical/biopharma, automotive and telecommunications companies. This company has recently announced the contract for purchasing 40 percent of Adtech Pharma. 

The acquisition cost was fixed at $3 million and valued Adtech at a total of $7.5 million. Investors can look forward to adding DPW to their watchlist as this new accouchement has a high probability to raise the EV penny stock price of Ault Global Holdings, Inc.

2. AYRO, Inc.

In the past few years, the stock price of AYRO went up 75 percent. A few weeks back, Ayro, Inc. announced a purchase order of $2 million towards its 2022 Club Car Current. It’s an EV that is made to be used by restaurants and universities to golf clubs, etc. This machinery offers multiple bed configurations and can be the future of light-duty electric vehicles. And there are many more announcements that are going to be made by this company in upcoming months. 

This means investors can experience an increase in their stock price by the end of 2021. Just add this EV penny stock to your portfolio and wait for it to rise high.

Other than these, a few more stocks to add to your bucket list are:

  • CBAK Energy Technology 
  • Electra Meccanica 
  • Kandi Technologies Group
  • Ideanomics 

Final Words

The EV sector is growing immensely every year. And the above EV penny stocks deserve a place on your watchlist. Go add them to your portfolio now!

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