3 Auto Stocks Going Places: GM Wins Saab Suit, Ford’s New Hires, and Toyota’s Take on EVs
General Motors (NYSE:GM): A lawsuit filed against GM by Dutch automaker Spyker has been tossed out by the judge, who sided with GM in the $3 billion suit that alleged GM unfairly blocked the sale of the Saab band to a Chinese firm. Spyker bought the Saab brand from GM in 2010, but it went bankrupt less than a year later. Spyker then tried to sell the troubled Swedish nameplate to a Chinese firm, but GM stopped the sale, saying it had the right to protect its intellectual property. Spyker argued that the deals didn’t involve GM’s proprietary technology.
Ford Motor Company (NYSE:F): Adding on to the 2,200 jobs that Ford has already brought to the U.S., the company will be rounding that number out to about 3,000 with 800 new white-collar U.S. workers during the next six months, the company confirmed. The slots fall primarily in engineering, information technology, product development and manufacturing, and will help Ford keep up with the surging demand for vehicles this year.
Toyota Motor Co. (NYSE:TM): ”We always assess a vehicle from well to wheel. If the electricity is not sourced from renewables then it makes little sense,” is what Didier Stevens, Toyota Europe’s head of government affairs and environmental issues, said about the company’s plans to move into the EV segment of the industry. What is particularly surprising is that it comes from the company that has made such a fundamental impact with its hybrid vehicles. However, with a couple of projects aside, Toyota doesn’t plan to venture into a full-blown, mass-produced EV until the energy powering it can be as green as the vehicle.