As Q2 is about to end, auto stocks have turned negative due to rising concerns over America’s trade tension with China and the European Union. Additionally, uncertainties about June US auto sales could be creating mixed sentiment among auto investors (XLY). Let’s take a look.
Key data to be released next week
Next week, all automakers are set to release their June sales data, and the largest US automaker, General Motors (GM), will be releasing its sales data for Q2. Notably, GM stopped releasing monthly US sales data in April. GM’s Q2 sales data could show investors US light vehicle demand trends. Tesla (TSLA) is also slated to release its vehicle delivery and production data next week.
As of June 27, mainstream automakers General Motors (GM), Ford (F), and Fiat Chrysler (FCAU) had fallen 5.5%, 1.1%, and 18.4%, respectively, this month. In contrast, Tesla (TSLA), Ferrari (RACE), and Harley-Davidson (HOG) had risen 21%, 2.9%, and 1.4%. The S&P 500 had fallen 0.2%.
Meanwhile, GM, Ford, and HOG had fallen 1.5%, 7.5%, and 18.1%, respectively, year-to-date, and TSLA, FCAU, and RACE had risen 10.6%, 6.3%, and 28.9%, respectively.
In this series, we’ll look at key updates in the US auto industry, as well as what research companies such as Goldman Sachs, Morgan Stanley, and UBS are saying about US electric carmaker Tesla. In the next part, we’ll begin by looking at news for Tesla.