Auto stocks lost ground in the second quarter, but the Automotive News/Pricewaterhouse-Coopers Shareholder Value Index showed global automakers and suppliers and U.S. auto retail groups still outperformed the overall markets.
Key U.S. and European stock market indexes dropped 11 to 14 percent between April 1 and June 30. Over the same period, the Shareholder Value Index for automakers lost 8 percent. The index for suppliers fell 6 percent and that for auto retail groups declined 7 percent.
The auto industry's returns "were largely driven by heightened volatility in the broader market and investor concern over a potential weaker recovery in global automotive demand," said Jeff Zaleski, PricewaterhouseCoopers' automotive transaction services partner.
Longer term, automaker, supplier and retail group stocks generally lost value over the past three years -- although automakers and suppliers gained some of it back over the past 12 months, reflecting first the 2008-09 recession and then the mild recovery starting this year.
The index measures a company's total shareholder return, accounting for share price, dividends and share splits, buybacks or other changes in shareholder equity.
The index encompasses publicly owned automakers with annual volume of at least 1 million units, public auto suppliers with a minimum of $3 billion in annual sales, and Fortune 1000 public auto retail groups with at least half of their unit sales from new vehicles.