5 Best Auto Components and Parts Stocks to Buy Now

In this article, we will take a look at the top 5 best auto components and parts stocks to buy now. To see more such companies, go directly to 13 Best Auto Components and Parts Stocks to Buy Now.

5. Mobileye Global Inc. (NASDAQ:MBLY)

Number of Hedge Fund Holders: 36

Israel-based Mobileye Global Inc. (NASDAQ:MBLY) ranks 5th in our list of the best auto parts and components stocks to buy now according to hedge funds. Mobileye Global Inc. (NASDAQ:MBLY) is up about 40% over the past one year.

As of the end of the second quarter of 2023, 36 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Mobileye Global Inc. (NASDAQ:MBLY).

Baron Fifth Avenue Growth Fund made the following comment about Mobileye Global Inc. (NASDAQ:MBLY) in its second quarter 2023 investor letter:

“Lastly, we took advantage of the volatility in Mobileye Global Inc. (NASDAQ:MBLY)’s (the leading ADAS and autonomous driving technology supplier) stock to add to our existing position following the company’s quarterly earnings report, in which it revised its 2023 guidance due to a decrease in volume for its point-to-point assisted driving navigation solution, SuperVision, due to reduced orders from its initial Chinese customer, Zeekr. While the company remains a leader in ADAS (with an approximate 70% market share), we believe the real potential lies in leading the autonomous driving revolution. This transition has the potential to significantly enhance safety, meaningfully increase vehicle utilization rates (which presently hovers around 4%), and substantially grow the company’s content per vehicle. SuperVision for example, has a price point approximately 20 times higher than its basic ADAS offering, while Mobileye’s higher level autonomy solutions, such as Chauffeur, are priced at even a greater premium.”