3 Auto Stocks Going Places: Ford’s Big Hiring Initiative, GM Plans a New Cadillac, and Toyota Ends Alliance with Ford
Ford Motor Co. (NYSE:F): Ford is reportedly launching the largest salaried hiring initiative in the last 10 years with the addition of 3,000 new salaried workers to its labor force. A solid 800 of the hires will be new white-collar jobs at its Michigan headquarters. The company’s vice president of Human Resources, Felicia Fields, doesn’t expect to change the company’s recruitment message in light of the Detroit bankruptcy filing: “We find that when people come to this area, they stay here.”
General Motors Co. (NYSE:GM): CEO Dan Akerson has confirmed that Cadillac will be producing a new large sedan to fill in the spot above the XTS, and that it will arrive within the next two years. The car will be based on a rear-wheel drive platform loosely related to the existing CTS and it will have all-wheel drive options. The car will not be planned as a replacement for the XTS, but is intended to go toe-to-toe with larger sedan offerings from Germany.
Toyota Motor Corp. (NYSE:TM): Toyota and Ford have called off an alliance to form hybrid drivetrains for trucks and SUVs before it even came to fruition after a feasibility analysis revealed that the two would be better off developing the systems independently. Originally announced in 2011, the partnership was intended to yield a rear-wheel drive hybrid platform that would “improve the efficiency of trucks and SUVs while still allowing them to be driven in the way customers expect.”
Don’t Miss: Cadillac’s Large Sedan Gets a Green Light.