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Europe’s auto stocks hit record high as traders bet on strong 2022

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The sector has gained 33% in a year, outperforming the pan-European index

After carmakers had to deal with high inventories over the past two years caused by a pandemic-induced slowdown in sales, things have started to turn around for the sector despite a 2021 shortage in chip supply, which forced some to cut production.

“We argue there is still substantial catch-up potential left and we remain positive on light vehicle sales growth in FY22,” said Horst Schneider, research analyst at BofA.Higher car prices in 2021 offset an increase in costs in the second half of the year, analysts said. Yet European car stocks are much cheaper than U.S. peers.

Shares in Renault climbed 4.4% as U.S. chipmaker Qualcomm said it had struck deals to supply the French carmaker and Volvo Cars.to develop cars and trucks with Amazon software in the dashboards and deploy electric vans on the online retail giant’s delivery network.

 

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