The robust demand for new vehicles, propelled by rising sales of electric vehicles (EVs), has led to significant growth in the auto industry. As the industry seems to be in a bright spot, investors could add fundamentally robust auto stocks DENSO Corporation (DNZOY), REV Group, Inc. (REVG), and Miller Industries, Inc. (MLR) to their portfolio to garner significant returns.
Despite significant challenges like elevated interest rates, geopolitical uncertainties, and supply chain issues, the auto industry showcased immense resilience. In January, new vehicle sales in the U.S. were 1,082,620 units, up 2.2% year-over-year.
