Given sustained demand for new and used automobiles, the widespread adoption of Electric Vehicles (EVs), and increased technology integration, the auto industry’s long-term outlook appears promising. Hence, quality auto stocks Genuine Parts Company (GPC), Nissan Motor Co., Ltd. (NSANY), and Miller Industries, Inc. (MLR) could be ideal additions to your portfolio.
The U.S. auto industry continued to ride the recovery wave in the third quarter of 2023 on pent-up demand and improving inventory levels. According to a forecast released by Cox Automotive, new vehicle sales in the third quarter are expected to exceed 3.9 million, up more than 15% from the same period last year.
