With the fear of a recession in the upcoming months rising, the automobile industry will likely remain under pressure as consumers tend to reduce their spending on items like cars, leading to a decline in demand for automobiles during an economic downturn.
Amid the economic uncertainty, the auto sector’s prospects look dull. Therefore, it could be wise to sell some of the fundamentally weak EV stocks XPeng Inc. (XPEV), Canoo Inc. (GOEV), and Faraday Future Intelligent Electric Inc. (FFIE) before it’s too late.
