The electric vehicle market has been the talk of the stock market for three years, but shares of EV companies haven't fared well as the market has dropped. Not only are investors concerned about companies executing growth plans, but they're also worried that consumers won't have enough money to buy expensive vehicles in a slowing economy with rising interest rates. Here's a look at why General Motors (NYSE: GM) and Magna International (NYSE: MGA) are great ways to get exposure to the EV industry.
Magna (MGA) inks a deal to buy Veoneer Active Safety business. Stellantis (STLA) closes aiMotive takeover and plans to acquire Symbio. CarMax (KMX) lags fiscal Q3 earnings estimates.
The deal builds on Magna's (MGA) ADAS business strength and seeks to enhance its portfolio with the addition of complementary products and significant engineering and software resources.