There’s no getting around it — 2022 has not been a good year for automakers. Stocks of all major manufacturers, whether fossil fuel or electric vehicles, are down by double-digit percentages. The seasonally adjusted annualized rate (SAAR) for new light-duty vehicle sales in August is about 13 million units, which is a 14% drop from the year-ago period.
However, August’s sales themselves were up 6% from last year and 3% higher than July. So while the year-to-date numbers show the industry is still in a steep funk, this could be a sign that car sales may begin growing again. Either way, Ford (NYSE: F) is a stock that investors should have on their watch lists. It’s my top auto stock to buy and hold forever .
For further details see:My Top Auto Stock to Buy and Hold Forever