The automotive market isn't the easiest to invest in. Auto sales have historically tended to grow at a low-single-digit growth rate. As such, the lowly valuations that auto-related stocks often trade on are sometimes a value trap.

The super growth of electric vehicle (EV) sales was supposed to change all that, but unfortunately, growth expectations have been pared back lately. That said, there's still good growth at reasonable price (GARP) stocks available, including ON Semiconductor (NASDAQ: ON) and Autoliv (NYSE: ALV).

The semiconductor company's management's decision to focus the company on the automotive and industrial end markets makes perfect strategic sense. Within the automotive industry, its power and sensing solutions are exposed to EV and advanced driver assistance systems (ADAS), while its industrial sales focus on industrial automation, EV charging networks, 5G/cloud, and energy infrastructure.

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Source Fool.com