While much of the financial media has focused on Tesla’s dramatic stock price rise over the past year, recovery and growth in the U.S. economy are far more tied to the overall automotive market.
But it is hard to ignore the Tesla stock story.
Business Insider wrote recently,
As of Monday, Feb. 8, Tesla (TSLA) was up 23% for 2021.
Tesla’s story aside, the global automobile market suffered a significant decline during 2020 due to the weak economic conditions related to the COVID-19 pandemic.
Data and analytics provider Statista reported at the end of January,
Sources: Statista; based on data from BEA, CAAM, ACEA
Looking forward to 2021, most industry analysts see a solid rebound from 2020, assuming the COVID vaccine rollout gains momentum and the employment situation in the U.S. continues to improve.
CNBC noted in January,
The Bureau of Economic Analysis released their estimate of U.S. light vehicle sales for January 2021 last week, which exceeded going-in projections. According to the report, the BEA estimates sales of 16.63 million SAAR (seasonally adjusted annual rate) in January, up 2.5% from the December sales rate and down 1.5% from January 2020.
Source: Wards Intelligence
While Fitch Ratings has “an improving outlook for the U.S. auto sector,” it stated in December,
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