3 Auto Stocks Going Places: GM Shakes up Global Leadership, Toyota Boasts Big Revenue Burst, and Ford Raises $1 Billion in Bonds
General Motors Corp. (NYSE:GM): GM has brought on former Volvo executive Stefan Jacoby to be the executive vice president of consolidated operations. Jacoby will be responsible for regions including Africa, Europe, and the Middle East, as the company figures out what works for its international management strategy. Tim Lee has been made chairman of GM China, to better focus on the automaker’s 12 joint ventures there.
Toyota Motor Co. (NYSE:TM): Shares are on a 6-plus percent tear, after Toyota posted a net profit of 562.19 billion yen ($5.6 billion), nearly twice the 290.35 billion yen profit from a year earlier. The consensus called for 441.5 billion yen. Revenue leapt 13.7 percent to 6.255 trillion yen, as a weaker yen, cost cuts, and improvements to the model mix and pricing took effect. The company is now guiding for a net profit of 1.48 trillion yen, versus the prior guidance of 1.37 trillion yen, and sees operating profit of 1.94 trillion yen versus the 1.8 trillion yen guidance previously.
Ford Motor Company (NYSE:F): Ford has raised $1 billion with the sale of 10-year bonds, which have a yield of 4.16 percent. Sources have indicated that the notes are expected to be rated Baa3 by Moody’s Investors Service. Proceeds from the sale will be used for general corporate purposes. Barclays Plc, Citigroup Inc., HSBC Holdings Plc, and Morgan Stanley managed the offering from Ford Credit Corporation, the financing unit for the automaker.