Since last year, the auto industry has faced several challenges, such as supply disruptions, high inflation, and the Fed’s aggressive interest rate hikes. While auto sales are expected to return to pre-pandemic levels this year, I think auto stocks Lucid Group, Inc. (LCID), NIO Inc. (NIO), and Canoo Inc. (GOEV) are best avoided now, given their poor fundamentals and growth prospects.
Before we delve deeper into the fundamentals of these stocks, let’s discuss what’s going on in the automobile industry.
