Auto Stock Roundup: Harvey Hits Badly, Honda To Launch Electric-Vehicles In 2018
Zacks Investment Research | Aug 31, 2017 08:59AM ET
In an otherwise somber week, Hurricane Harvey gave a severe jolt to many industries, including auto. In fact, Harvey, which devastated the Houston area, home to more than 500 auto dealerships, will have a grave impact on the auto space that is already grappling with challenges.
Notably, Texas is the second-largest auto market in the United States, after California. The Houston metropolitan area is also the leading auto sales market in Texas and the entire Gulf Coast. Several dealerships had to be closed in the aftermath of the hurricane. The storm also damaged numerous trucks and cars parked in the dealership lots. This has prompted some analysts to cut their August vehicles sales estimates.
On the other hand, global automakers continue to expand their network in China, thanks to the increasing urgency of manufacturing electric vehicles. The latest addition to this list is Honda Motor Company (NYSE:HMC) , which has announced its plans of launching two fully electric-vehicles in 2018, of which one will be launched in China and the other in Europe.
(Read the previous roundup here: Honda to Launch Electric Cars in Europe and China ).
Performance
Among these stocks, last week, Advance Auto Parts (NYSE:AAP) registered the maximum increase. On the other hand, Toyota’s share price fell the most.
In the last six months, Tesla (NASDAQ:TSLA) in the only stock whose price has risen, while Advance Auto Parts registered the steepest decline.
| Company | Last Week | Last 6 Months |
| GM | 0.9% | -5.1% |
| F | 2.1% | -14.6% |
| TSLA | 0.1% | 38.9% |
| TM | -0.5% | -2.3% |
| HMC | -0.3% | -11% |
| HOG | 0.7% | -19.4% |
| AAP | 3.5% | -39.3% |
| AZO | 3.2% | -29.3% |
What’s Next in the Auto Space?
With the earnings season over, stay tuned for the usual news updates in the space.
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