Motor vehicles and parts dealers’ sales rose in January even as higher interest rates made purchasing a new car more expensive. Moreover, the automotive industry is expected to experience a boost due to the rapid expansion of the electric vehicle (EV) market. I think quality auto stocks General Motors Company (GM) and Honda Motor Co., Ltd. (HMC) are ideal investments in 2023.
Consumer spending appears strong despite inflation, decreasing savings, and limited credit card availability. While retail sales rose 3% in January, motor vehicle and parts dealers’ sales increased 5.9%.
Moreover, rapid technological advancements, favorable government initiatives, focus on car accessories and electric vehicles (EVs) are expected to drive the motor vehicle parts sector growth.
The motor vehicle electrical and electronic equipment, steering suspension, and interiors market is expected to be the fastest-growing segment in the motor vehicle parts market. It is estimated to expand at a…
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