3 Auto Stocks Harnessing November Potential

Despite macroeconomic concerns, auto sales are likely to increase due to pent-up demand. Given the industry’s growth prospects, investors could consider buying fundamentally sound auto stocks Ferrari N.V. (RACE – Get Rating), Autoliv, Inc. (ALV – Get Rating) and Wabash National Corporation (WNC – Get Rating) for solid returns.

Before diving deeper into their fundamentals, let’s discuss what’s happening in the auto industry.

In October, new vehicle sales in the United States hit 1,211,141 units, up 2% year on year, thanks to surging demand for electric vehicles (EVs) and the country’s economic recovery.

AI is revolutionizing the automotive industry by improving safety, efficiency, and the driving experience. Generative AI promotes innovation by allowing designers to create more aerodynamic, fuel-efficient vehicles, optimize manufacturing processes, and improve driving assistance features such as autonomous driving, all of which lead to increased productivity and cost savings.

Also, the global auto parts market is estimated to grow at a CAGR of 6.8% until 2030. Factors such as technical innovation, digitization of automobile repair and maintenance services, and demand for aftermarket services drive market growth.

In addition, the automotive industry is expected to increase at a 6.9% CAGR until 2030, reaching $6.07 trillion. Rising demand for high-end passenger cars, urbanization, and rising economic infrastructure spending are boosting the automotive sector.

Considering these conducive trends, let’s look at the fundamentals of the…

Continue reading at STOCKNEWS.com


You May Also Like

About the Author: admin