3 Auto Stocks Going Places: Ford Makes Headway, GM Issues Recall in India, and Toyota Focuses on Emerging Markets
Ford Motor Co. (NYSE:F): Earnings per share of 45 cents beat estimates by 8 cents, and revenue also beat projections at $38.1 billion, over by $2.95 billion. Net income swelled by $193 million to $1.2 billion, with pretax profit up $726 million to $2.6 billion. Revenues also grew 15 percent. North American pretax profits hit a record of $2.33 billion against $2.01 billion from last year. European losses narrowed to $348 million, down from $404 million. Asia Pacific operations came back into black for a profit of $177 million from losses of $66 million as Ford’s Chinese market share gained 1.5 percentage points.
General Motors Co. (NYSE:GM): GM India is facing a substantial recall of 114,000 Tavera SUVs to fix issues relating to emission standards and other government specifications. The recall is one of the largest in India’s history. GM has also suspended its local production of the Tavera, at least until it resolves the issues. The company says that it has found a solution.
Toyota Motor Corp. (NYSE:TM): Toyota is hoping to bring its sales proportion from emerging markets to 50 percent by 2015, up from 42.1 percent in 2012. ”Toyota’s global vision is to strengthen its core models in emerging countries and expand our hybrid models,” said Kyoichi Tanada, president of Toyota Motor Thailand. Toyota sold 8,717,300 automobiles worldwide last year, of which 3,674,000 were sold in emerging markets.
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