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Right now, the U.S. auto industry is experiencing one of the most dramatic shifts it's ever seen. Across the country, people are trading in their sedans for SUVs at staggering levels.
From 2013 to 2018, SUV sales are up 87%, while sedan sales are down 8% globally.
In 2014, SUVs represented 50% of total U.S. auto sales. By 2016, that number had jumped to 63%. They hit their highest level ever in May 2018 at 67%.
This trend shows no signs of stopping, which is excellent news for the best auto stock to buy today…
Both boomers and millennials prefer the extra space and higher ride SUVs offer, according to a report from the Los Angeles Times. Improvements in fuel economy combined with higher wages and lower gas prices have made SUVs even more attractive.
The company we have today has deemphasized its sedan business and now produces twice as many SUVs as sedans since early 2016.
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By 2022, LMC Automotive estimates that 97% of this company's sales will be SUVs or trucks. Over 70% of this company's profits were generated in North America last year, where demand for SUVs is strongest.
And America isn't the only place where SUVs are growing in popularity.
Drivers in China and Australia are also ditching their small sedans for bigger rides.
For the first time, SUVs accounted for more than one-third of cars sold globally in 2017, tripling their share from just a decade ago.
This switch from SUVs to sedans is paying off handsomely for our favorite stock to buy now…
Margins are higher on SUVs and trucks, which helped this company increase total profit in 2017 by 93% to $4.35 billion. In total, sales were up 8% year over year in June 2018, rising to 202,264 vehicles.
Best of all, this shift in the industry is just one of four reasons we think this is the top auto stock to own…