3 Auto Stocks Going Places: Fed Sheds GM Stock, Toyota’s Fuel Cell, Tesla in China
General Motors Co. (NYSE:GM): The U.S. Treasury sold another $570.1 million in General Motors stock in September and could completely shed its holding in the automaker over the next six months. The treasury notes that it has now recovered about $36 billion of its $49.5 billion infusion into General Motors and still holds a 7 percent or so holding in the company, The Detroit News reports.
Toyota Motor Corp. (NYSE:TM): Toyota has given a demonstration of its new hydrogen fuel cell vehicle in Japan, a technology that Toyota is putting a lot of money into as it preps for a consumer-friendly launch as early as next year. According to Bloomberg, the car on display “showed quick acceleration and sharp handling, [and] will arrive in the U.S., Japan and Europe as early as next year as a 2015 model.” Toyota’s plans also show how far down the prices of these vehicles have come — prototype fuel cell cars cost $1 million or more in the mid-2000s.
Tesla Motors (NASDAQ:TSLA): While China has been a superb market for Cadillac, Tesla is hoping for a piece of the action. Tesla announced via a Chinese microblogging site that the company is now accepting reservations for its Model S luxury sedan. This is despite Tesla’s lack of a local partner in the region, adding to the already tricky sales climate that the California EV maker faces due to demands made by the Chinese government.
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