3 Most Promising Car Stocks Following the 2022 Detroit Auto Show
Today we will discuss three car stocks to buy as the North American International Auto Show returns to Detroit after a three-year absence. Although it was a smaller event than in previous years, Wall Street was eager to see which automakers were driving in the fast lane. In 2021, car sales metrics in the U.S. were strong. U.S. car sales approached 15 million , coming behind China with about 21.5 million. That said, automakers have dealt with several challenges so far this year. For starters, the semiconductor shortage coupled with rising commodity and shipping costs have weighed on company operations and earnings. At the same time, new auto sales have hit the brakes, as consumers struggle amid fears about persistent inflation and a recession. According to the National Automobile Dealers Association, new car sales in the second quarter of 2022 are down more than 25% compared to the year before. Nevertheless, it’s not all doom and gloom in the automotive industry. Luxury cars and high-margin SUVs gained market share over cars in the first half of 2022, while electric vehicle (EV) sales rose 66% in the second quarter year over year.
3 Most Promising Car Stocks Following the 2022 Detroit Auto Show
Today we will discuss three car stocks to buy as the North American International Auto Show returns to Detroit after a three-year absence. Although it was a smaller event than in previous years, Wall Street was eager to see which automakers were driving in the fast lane. In 2021, car sales metrics in the U.S. were strong. U.S. car sales approached 15 million , coming behind China with about 21.5 million. That said, automakers have dealt with several challenges so far this year. For starters, the semiconductor shortage coupled with rising commodity and shipping costs have weighed on company operations and earnings. At the same time, new auto sales have hit the brakes, as consumers struggle amid fears about persistent inflation and a recession. According to the National Automobile Dealers Association, new car sales in the second quarter of 2022 are down more than 25% compared to the year before. Nevertheless, it’s not all doom and gloom in the automotive industry. Luxury cars and high-margin SUVs gained market share over cars in the first half of 2022, while electric vehicle (EV) sales rose 66% in the second quarter year over year.