The auto industry remains a significant sector in stocks. Amid the rising popularity of electric vehicles (EVs), certain automotive companies have stood out in stock performance. As April 2024 unfolds, let’s delve into the top three auto stocks to acquire, highlighting their impressive quarterly results and growing momentum.
Ford Motor Company (NYSE:F) is one of America’s oldest auto companies. Despite its long history, Ford continues to be an exceptional performer in auto stocks. In Q4, Ford reported an income of $46 billion and a free cash flow of nearly $7 billion for 2023.
The company experienced a sales increase of over 180,000 units compared to 2022, influencing a price hike this year. Ford also saw a remarkable 86% YOY jump in EV sales this quarter. Its excellent performance is driving expectations of more promising earnings in the forthcoming report, triggering early purchases by many.
Ford is proactive in cutting expenses by $2 billion and improving year-over-year income. As a strategy to boost the sale of its popular EV models, Ford announced a price decrease of over $5,500 for its F-150 lightning model. It’s prudent for investors to think about acquiring Ford stocks as soon as they can.
General Motors (NYSE:GM) maintains consistent quarterly performances. Its shares have appreciated in 2024 fueled by robust momentum after a rewarding Q4 in 2023. GM disclosed its Q1 earnings for the current year on April 23, noting a significant earnings exceed that will extend this momentum.
The company’s revenue and adjusted EPS estimates were surpassed, which has resulted in a 5% climb. Their net income rose 26% this quarter compared to the same time last year, a success largely attributed to tremendous figures in North American sales. GM plans to increase EV production this year, staying competitive. Investors should consider purchasing GM as their stock escalates with remarkable sales.
Ferrari (NYSE:RACE) is a luxury automotive brand manufacturing premium vehicles. Although stocks targeting niche markets may not always be as appealing, Ferrari’s track record over the past five years is laudable. Indeed, the price has escalated by over 300% in this period.
In Q4 of 2023, Ferrari reported a diluted EPS up by 33.88%, and a profit margin enhanced by nearly 20% year over year. Ferrari is set to reveal its first-quarter results on May 7. Owing to the company’s incredibly steady history, this quarter is likely to reinstate robust momentum to the stock. It’s advisable for investors to monitor and potentially add Ferrari to their portfolios ahead of a predicted price surge.
Let us know what you think, please share your thoughts in the comments below.
