In the ever-growing world of electric vehicles (EVs), investors are seeking opportunities beyond the well-known names. With governments worldwide promoting EV adoption and demand for cleaner transportation on the rise, small cap electric vehicle stocks are gaining attention. We have compiled a list of the top small cap EV stocks to watch in 2024 based on hedge fund data and market capitalization.

Leading the pack is Mullen Automotive Inc. (NASDAQ: MULN), a California-based electric vehicle manufacturer known for producing passenger and commercial vehicles with solid-state polymer battery technology. Three hedge funds held stakes in Mullen Automotive, with a total stake value of approximately $76,000.

NWTN Inc. (NASDAQ: NWTN), a smart passenger vehicle company based in Dubai, is also attracting investor interest. Four hedge funds were long on NWTN in the third quarter, holding a total stake value of $1.6 million. NWTN develops electric vehicles and smart passenger vehicles with a focus on passenger-centric mobility and green energy solutions in the US, UAE, and Mainland China.

Workhorse Group, Inc. (NASDAQ: WKHS), an automobile manufacturing company headquartered in Ohio, ranks among the best small cap EV stocks to invest in this year. With a market capitalization of $64.3 million, Workhorse Group designs, manufactures, and sells zero-emission commercial vehicles, including electric and range-extended medium-duty delivery trucks. Fisher Asset Management was the largest shareholder in Workhorse Group, holding 14,401 shares in the company.

Niu Technologies (NASDAQ: NIU), a Beijing-based motorcycle manufacturing company, is making its mark in the EV space with smart electric scooters. Six hedge funds held stakes in Niu Technologies in the third quarter, with a total stake value of $7.01 million. The company offers a range of electric scooters and motorcycles, aiming to revolutionize urban transportation in China.

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) is another noteworthy small cap EV stock to watch. Based in Los Angeles, California, the company designs, develops, manufactures, and distributes electric vehicles in the US. Seven hedge funds were long on Faraday Future, with a total stake value of $50,000.

Rounding out the list is Zapp Electric Vehicles Group Limited (NASDAQ: ZAPP), a Bangkok-based electric motorcycle manufacturer. Ten hedge funds were long on Zapp Electric Vehicles, with a total stake value of $67,000. The company specializes in offering electric two-wheelers to customers.

While Tesla (NASDAQ: TSLA), NIO (NYSE: NIO), and Rivian Automotive (NASDAQ: RIVN) remain dominant players in the EV market, these small cap stocks present unique investment opportunities. As the momentum for electric vehicles continues to rise, it is worth keeping an eye on these lesser-known entities.

Please note that investing in small cap stocks comes with its own set of risks, and it is essential to conduct thorough research and seek professional advice before making any investment decisions.

Overall, the growing demand for EVs and the push towards cleaner transportation present exciting opportunities for investors looking beyond the big names in the industry. Watch out for these top small cap EV stocks as they navigate the evolving landscape of electric mobility in 2024.