One of the real bright lights of the U.S. economy has been the automobile industry where demand is perking up, and where the domestic manufacturers are performing quite admirably. Reduce cost structures have significantly lowered the break even number of sales for the big three, and an aged car fleet leaves plenty of room for growth. Amazingly the stocks of Ford (F) and GM are trading at distressed levels despite the improvements in their business. I believe that their respective discounts are attributable to the macro-economic fears, and these companies simply need to meet their earnings estimates to prove to the market that they are back as viable investment options.
http://blogs.wsj.com/drivers-seat/2012/05/22/rebound-has-auto-industry-feeling-bullish/