3 Auto Stocks Going Places: GM’s Spark Plans, Honda Avoids Fleet Sales, and Ford’s Bizarre Lawsuit
General Motors Co. (NYSE:GM): GM is planning to introduce the next Spark compact car in the first half of 2015, though the launch of its revamped Aveo (known as the Sonic in the U.S.) will be postponed to 2016, according to a South Korean labor union spokesman. The company briefed union officials of the changes and scheduling during contract negotiations last week. A GM Korea spokesman declined to comment, saying the company did not disclose its future product plans.
Honda Motor Co. (NYSE:HMC): Honda reports that the Accord, Civic, CR-V, and Odyssey rank No. 1 in retail sales in their respective segments, according to Polk data. Honda brand sales of 668,597 represent a swell of 6.5 percent year-to-date through June with more than 98 percent of brand sales to retail customers, therefore protecting the vehicles’ resale values. In the meantime, many competitor brands exceed 20 percent in fleet sales, ultimately weighing on the cars’ long-term worth.
Ford Motor Co. (NYSE:F): Ford is finding itself in the middle of quite a bizarre lawsuit. When a Mexican student at the University of Texas in El Paso was caught by Border Patrol agents with duffel bags filled with marijuana in his trunk, he said that they weren’t his — and now, he’s suing Ford. Ricardo Magallanes is claiming that Ford handled its vehicles’ key codes negligently enough to allow drug smugglers to break into his Ford Focus and stash the drugs, Autoblog said.