10 Cheap Rising Stocks to Buy Right Now

5. Honda Motor Co., Ltd. (NYSE:HMC)

30-day returns: 23.20%

Forward P/E ratio: 6.64

Honda Motor Co., Ltd. (NYSE:HMC) is a Japan-based company engaged in the manufacturing and distribution of automobiles, motorcycles, power equipment, and other products.

In December last year, the company announced an ambitious plan to double its hybrid car sales to 1.3 million vehicles per annum by 2030 from the levels in 2023. The Japanese automaker said this would help provide a ‘bridge’ until EVs become more widespread.

Katsuto Hayashi, Honda’s automobile operations chief, stated the following in a press briefing:

“Hybrids will serve as a bridge until EVs become fully widespread. Perhaps Toyota’s Prius may come to your mind when you think of hybrids, but I believe we can change the game.”

Starting in 2026, Honda Motor Co., Ltd. (NYSE:HMC) will begin to install new, fuel-efficient hybrid systems for compact and mid-sized cars. It aims to boost EV production to over 2 million by 2030, as part of its goal to sell only EVs and fuel cell vehicles by 2040.

On April 24, Honda Motor Co., Ltd. (NYSE:HMC) shared a summary of production, Japan domestic sales, and export results for March. Global production fell 3.4% during the month compared to the prior year’s period, mainly due to a 4% decline in overseas output. Domestic sales in Japan increased 4.1% year-over-year, while exports were down by 22.1%.

Despite recent metrics, Honda Motor Co., Ltd. (NYSE:HMC) is an attractive stock, given its impressive recent returns and a low forward P/E ratio, making it one of the best cheap rising stocks to buy right now.