These are the worst EV stocks to own as the market reshuffles.

The competition in the electric vehicle battleground has been heating up nicely, leaving many contenders in the dust.

As established automotive giants such as Ford and others charge ahead with their respective EV lineups, the market seems to be drawing a line to separate the worst EV stocks from owning the best. Though the bear market has cooled off the fervor in TV stocks, the march toward a greener future continues relentlessly.

It is important to remember, though, that not all EV stocks are equal, so investors must be attentive to the poor performers.

In the face of intensifying competition, even EV pioneer Tesla has been feeling the heat, cutting vehicle prices to maintain its market dominance.

Therefore, it’s more imperative than ever to separate the wheat from the chaff and avoid the worst EV stocks to invest in at this time.

 Electrameccanica Vehicles (SOLO)

Electrameccanica Vehicles (NASDAQ:SOLO) may fancy itself a trendsetter with its three-wheeled electric vehicle, but history remains skeptical.

Its pint-sized EVs face an uphill battle in a market that has been remarkably receptive to tri-wheeled options. Moreover, the firm is operating in a hotly competitive market, and though its niche-centric approach is laudable, its commercial viability remains an elusive dream.

Its annualized sales are under the $6 million mark, with sluggish delivery growth each quarter. Most recently, it recalled more than 428 of its SOLO EVs due to propulsion loss.

It continues to burn through its cash reserves by roughly $20 million each quarter, and its plans to produce its EVs in the U.S. instead of China could have it bleed more red ink in the future.

Though is looking to cut costs by laying off workers, it’s essentially a short-term band-aid, glossing over a more deep-rooted problem.

Canoo (GOEV)

Canoo (NASDAQ:GOEV) was a once-promising EV maker but has been stuck in neutral over the past couple of years.

Its financial woes have essentially wiped away all its value, with its stock price down more than 85% in the past year. Additionally, its share price is down a gut-wrenching 50% alone in 2023.

Canoo is burning through its cash reserves at an alarming pace, and with just $40.3 million in the bank and tighter financial conditions on the horizon, it’s likely to go bankrupt.

Desperate to stay afloat, the firm revealed its plans in February to raise a hefty $52.5 million through a discounted share sale to institutional investors.

A revolving door of executive departures and a potential delisting from NASDAQ will only add to Canoo’s laundry list of problems as we advance. Additionally, with bankruptcy creeping ever closer, this EV player’s road ahead remains extremely bumpy.

Nikola (NKLA)

Nikola (NASDAQ:NKLA) was once a flashy contender in the EV sphere but now faces a sobering reality.

The Nikola Tre, its apparently game-changing battery-powered truck, has been marred by multiple production delays, which effectively casts a dark shadow over its future.

Layer that up with its former chairman Trevor Milton’s indictment over fraudulent claims over “nearly all aspects of the business” points to a rocky road ahead for NKLA stock.

Consequently, NKLA stock has taken a monumental beating over the past year, with an 80% drop in value.

To keep the lights on, the firm opted for a $100 million secondary offering, which will further weigh down its share price. Moreover, with a dwindling cash reserve of $237 million, and a massive debt pile of more than $382 million, the once-promising outlook for the EV player looks remarkably bleak.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.