Last year, U.S. vehicle sales dropped to their lowest level in more than a decade as the auto industry was plagued by supply chain issues, high-interest rates, and tight inventories. However, Electric Vehicle (EV) sales accounted for 5.8% of all new cars sold in 2022, up from 3.1% in 2021.
With the ever-rising adoption of electric vehicles, investors who like the first mover in the EV space, Tesla, Inc. (TSLA), may want to take a look at fundamentally strong auto stocks Volkswagen AG (VWAGY), General Motors Company (GM) and Honda Motor Co., Ltd. (HMC). Let’s discuss why these stocks could prove to be solid investments.
