The study aims at identifying the relationship between the world oil price and the steel price and its impact on the change in the stock returns of automobile companies in the United States of America, Japan, Germany and China. The panel data of stock returns for various cars’ companies from different countries were analyzed to determine the impact of changes in crude oil and steel prices during the period of January 6th, 2000 to March 7th, 2024. The study finds a significant positive relationship between the changes in crude oil and steel prices and the stocks returns of cars’ companies, specifically, the statistical significance of the oil and steel transactions proceeds. This indicates as the prices of these commodities increase, the stocks of returns of cars’ companies also increase. In addition, the study shows that the specific effects of the country are not statistically significant. Which means that these relations are consistent across different national contexts that are involved in this industry. The study recommends including additional variables that may affect stock returns, such as macroeconomic indicators, broader market indicators, currency fluctuations and a more comprehensive model that could reveal using higher—precision data based on example hourly or minute by minute, could reveal insights into the dynamics of day-to-day internal trading and better reflect the impact of news and immediate market responses. In addition, the expansion of the analysis to include terms of interaction on the relationships between variables that might not be revealed by the current study model may, finally, highlight the unique or common factors affecting the performance of each industry’s equities, thus providing broader market insights.