Do You Have These 2 Automotive Stocks On Your Watchlist This Week?
Automotive stocks have been rising once again in the market. Like many other sectors, the automotive industry has been impacted by the coronavirus pandemic. Automakers had to stop producing vehicles resulting in a sharp decline in vehicle sales. Dealerships were also forced to close which were essentially the main source of sales-driving these automotive stocks.
With that being said, there are automotive stocks that are performing well in the market. Some automotive stocks have even begun to reach new highs in stock price. Buying cars is still essential for many people.
The world economy is beginning to recover. Car sales are going higher once again causing automotive stocks to rise. An increase in sales and positive outlook for the future will cause automotive stocks to run even higher. Now let’s take a look at two automotive stocks that have been trending in the market in June.
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Top Automotive Stocks To Watch This Week: General Motors
An automotive stock to watch at the moment is General Motors Company (GM Stock Report). General Motors is the United States’ largest automaker. It was founded in 1908 and has grown to be a huge corporation despite troubles in the past. It owns companies such as Chevrolet, Cadillac, GMC, and more in addition to some overseas brands.
GM stock has had its ups and downs in the market. The pandemic caused GM stock price to decrease significantly. Shares of GM stock were at an average of $35 before the pandemic began. At one point GM stock price went as low as $16.80 in March of 2020. Since this recent low, GM stock has been on the rise once again. GM stock price has been very volatile. On June 12th, GM stock is currently at $27 a share on average.
It’s believed by investors that GM stock will recover more and General Motors will expand its business in coming months. This belief is part of the reason that GM stock is up 4.2% as of June 12th. GM stock price while largely being affected by the coronavirus, has a chance to make a comeback. Even though GM stock price is $27 a share compared to $31 a share on June 8th, there is potential to this stock bounce once again. For this reason GM stock is a promising automotive stock to watch for the future.
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Top Automotive Stocks To Watch This Week: Toyota Motors
The next automotive stock that has been moving in the market is Toyota Motor Corporation (TM Stock Report). Toyota is a Japanese automotive company that distributes its cars worldwide. The company is the second-largest automotive company in the world and the largest in Japan. Toyota is the first automotive company to produce 10 million vehicles in one year. TM stock has regularly gone up and down based on how the company’s sales are doing. TM stock price was high and performing well for late 2019 and early 2020. When February came around, that is when things drastically changed for this automotive stock.
TM stock also suffered from the economic effects of the coronavirus. Toyota stock price fell from an average of $142 a share to as low as $108 a share. TM stock price has begun to make a recovery though. TM stock has had its ups and downs in the market lately but is trending upwards in the long term. Toyota has reported that it plans on remaining profitable despite the ongoing pandemic. After the report TM stock price raised from $124 a share to an average of $127 a share on June 12th.
TM stock will continue to rise if Toyota can keep up this positive momentum. This applies to GM stock as well. Automotive stocks will be on the rise if production and sales continue to rise. This all is related to how the economy’s doing as a whole, and how the world recovers from the coronavirus. GM stock price and TM stock price is continuously trending upwards over time making these two automotive stocks to watch.