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Along with this bleak outlook, investors’ rotation away from overvalued automotive (primarily EV) stocks to quality cyclical stocks is leading to a sell-off. This is evident in the First Trust NASDAQ Global Auto Index Fund’s (CARZ) 0.2% decline over the past three months.
However, Toyota Motor Corporation (TM), Volkswagen (DE:VOWG_p) AG (VWAGY), and Daimler AG (OTC:DDAIF) have been maintaining strong momentum since last year. And we believe these three stocks have the potential to continue doing do in the coming months. Therefore, it could be wise to invest in these stocks now.
