Detroit is seeing some stiff competition these days – and not just from Japan and Korea. The economy is shifting toward green tech, and new automotive companies are popping up to take advantage of the newly opened electric vehicle (EV) and battery playing field. Just as a century and more ago there were scores of auto makers competing to build the best combustion engine cars, and scores of designs in the game, ranging from external combustion steam cars to rotary engine motorcycles, so today the EV field presents a wide open front for new companies to innovate and find the best designs for mass market electrically powered cars.

The trick now, for investors, is to find the companies that look like winners as the EV sector expands, grows, and matures. It may be too early to tell which EV makers are going to hang in for the long haul and dominate the market a century from now – or even if electric cars will still be on the road in the distant future. But the data tools on the TipRanks platform have helped us pick out three companies that look like winners in the near- to mid-term, over the next 12 months. These are companies with low-cost shares to entice investors, and – according to the Wall Street stock experts – the potential to double or more in that time. Here are the details.

EV Stocks Under $10:

REE Automotive (REE)

We’ll start with REE automotive, a unique automotive design company that uses high tech to redesign the critical area of a car – the space between the chassis and the wheel – integrating critical vehicle components such as brakes, steering, and electric drive motors into modular configurations, effectively building the car specifically for its target application and market.

All of that sounds like a mouthful, but what it means is, REE’s design allows for more passenger space and more cargo space on a fully-flat, electrically powered vehicle platform. The design is intended facilitate both production and use of the fully assembled electric vehicles.

Earlier this year, REE announced its intention to go public via a SPAC merger, with the blank check company 10X Capital Venture Acquisition Corporation. The move, completed on July 22, saw the REE ticker start on the NASDAQ and brought the company some $288 million in new capital. Since then, the merger has disappointed; REE’s market cap has slipped from $3.1 billion to the current $1.8 billion.

Although the stock has slipped since the SPAC transaction, REE had several notable successes in the first half of the year. The company secured collaborations with four cutting edge, high-tech automotive manufacturers around the world, agreements that will enable REE and its partners to work together on building out new EV and battery technologies. The company also secured vital sections of its supply chain system, in preparation for starting mass production of its flat platform chassis EVs in 2023.

Finally, in a move that shows production and commercialization will be focused in the US, REE on July 23 announced that its US headquarters will be located in Austin, Texas. The Lone Star State has been the epicenter of US job creation recently, and has built a reputation as a business-friendly locale.

Cowen analyst Jeffrey Osborne initiated his coverage of REE with a Buy rating and a $15 price target that suggests a powerful 160% one-year upside.

Backing his stance, Osborne writes, “We are constructive on REE's modular EV chassis approach trimming the time and investment required in building new platforms. Its REEcorner and REEboard aim to serve as building blocks for modular EV production. We are positive on its capability to provide mission-specific vehicles as in our view it opens several doors to optimization, particularly in the commercial vehicle market. REE's flat chassis will enable space optimization, yielding lesser trips via volume maximization… The light and medium commercial vehicle markets are ripe for electrification given their "return to base" operation as well as focus on total cost of ownership (TCO), and we view REE as potentially well-positioned to unlock value.” (To watch Osborne’s track record, click here.)

This newly public stock has 3 positive ratings on file, for a Strong Buy analyst consensus. The shares are priced at $5.77 and their $16.67 average price target is even more bullish than Osborne allows, implying an upside of 189% in the year ahead. (See REE’s stock analysis at TipRanks.)

ElectraMeccanica Vehicles Corporation (SOLO)

Next up, ElectraMeccanica, takes a nearly opposite approach to the EV market. This company has put together the Solo, a single-seat, three-wheeled EV designed specifically for the short range urban commute. The Solo features small size, a 100-mile rage, and an 80 mph top speed. This small one-seater has a door on either side of body, or easy ingress/egress, and boot at the rear. The vehicle emphasizes the size and maneuverability needed to fit into tight urban spaces.

The Solo is being marketed to urban residents as a solution for short-distance driving, as well as to rental fleets and delivery companies. In the delivery role, the ‘cargo’ version of the car has an enlarged trunk, and targets ‘last mile’ delivery – a niche for which electric vehicles are well suited. While ElectraMeccanica’s Solo is not yet in production for delivery, the company plans to start shipping to customers by the end of the year – and is now taking reservations on the car, for $250.

ElectraMeccanica is also moving to expand its product line, with two additional all-electric vehicles. Both are styled along more traditional ‘car’ lines than the Solo. The Electric Roadster and sporty Tofino both offer higher performance, in speed and range per charge, than the Solo, and it is reflected in pricing. Where the Solo starts at $18,500, the Roadster is predicted to have a $150,000 price tag when it hits showrooms.

The company is continuing work on its Arizona manufacturing facility, where production vehicles will be assembled and the engineers will have facilities for technical research. When up and running, the facility will fill 235,000 square feet, employ up to 500 people, and turn out 20,000 Solo vehicles annually.

5-star analyst Craig Irwin, of Roth Capital, notes this company’s progress toward full production and delivery, as well as its sound balance sheet. He writes, “Electra Meccanica made healthy progress towards ramping commercial production and deliveries during 2Q21, with first SOLO deliveries now likely later this quarter. Construction of the company's Mesa, AZ facility is making rapid progress, and should drive substantial cost savings that enable the steep deliveries ramp expected in 2023. We expect the $250m cash position to provide adequate funding through facility completion and working capital to support near-term growth. We would be buyers for improving longer-term growth visibility.” (To watch Irwin’s track record, click here.)

These comments back a Buy rating, and the $12.25 price target implies a robust 12-month upside potential of 252%. Irwin’s is the only SOLO review posted during the past 3 months. The stock is currently trading at $3.48 per share. (See ElectraMeccanica’s stock analysis at TipRanks.)

Ideanomics (IDEX)

Let’s wrap up this list with Ideanomics, a company that lives in both the EV battery and the fintech sectors. As a financial tech company, Ideanomics works to make capital available for group purchase discounts on commercial EVs, battery backs, and power usage. Financial services are both powered and secured by AI tech and blockchain encryption.

Even though the EV market is new, companies are ramping it up, buying vehicle fleets and establishing infrastructure. These are activities well within the purview of Ideanomics to incentivize and fund. The company’s stated goals are to increase confidence in the electrification of the vehicle sector, and to provide a transparent and profitable financial service to expand and buy into EVs.

This company’s Mobile Energy Global division, its EV segment, has been moving to expand in recent months. The company has a network of subsidiaries involved in EVs, in charging infrastructure, and in energy production, which it describes all together as ‘the three pillars’ of the EV sector. Ideanomics controls the only electric tractor manufacturer in the US, Solectrac, and its Wave wireless high-power charging network helps maintain the largest fully electric mass transit bus fleet in the US. And, at the end of August, Ideanomics acquired VIA Motors in a 100% stock transaction. Utah-based VIA produces Class 2, 3, 4, and 5 size electric trucks for short-haul and mid-mile delivery runs.

In 2Q21, Ideanomics’ revenue grew sequentially for the sixth quarter in a row, reaching $33.2 million, coming in slightly ahead of the consensus estimate. Gross profit came in at $9.3 million. The company has a full war chest to fund further activities, with $396 million in cash on hand as of June 30.

In coverage of this stock, Roth’s Craig Irwin notes that Ideanomics has multiple paths to profitability, in part due to smart acquisitions. The analyst writes of this company, “Ideanomics reported strong 2Q21 progress with revenue ahead of our estimates. The quarter's results marked first revenue contribution from the US Hybrid and Solectrac acquisitions, supplementing continued strong revenue production at Timeos. The company's WAVE inductive charging business now reports a pipeline of over $100m, suggesting this group could be one of the fastest growing in 2022.”

In line with his comments, Irwin rates the stock as a Buy with a $7 price target to suggest an upside of a hefty 191% from the current share price of $2.40.

Ideanomics is another name going under Wall Street's radar right now and there are currently no other reviews on record. (See Ideanomics’ stock analysis at TipRanks.)

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.