3 Auto Stocks Going Places: Tesla Rips Past Estimates, GM’s New Lighter-Duty Trucks, and Toyota’s Court Appearance
Tesla Motors (NASDAQ:TSLA):
Tesla shares are racing over 13 percent in the wake of surprise beats for both EPS and revenue. The former weighed it at $0.20, beating estimates by a resounding $0.37, while revenues came in at $405 million, beating by $22 million. The company sold 5,150 Model S vehicles in North America during the quarter, as the gross margin leapt to 22 percent. Notably, the company finished off the quarter with no government debt.
General Motors (NYSE:GM):
Though the trucks themselves will be getting full redesigns, the Canyon and Colorado nameplates will remain in service, the AP is reporting. The Colorado will be targeted toward people who spend more time outdoors, while the Canyon is aimed at more professional buyers, Chief Financial Officer Dan Ammann said, noting that the old truck names already have brand equity with customers.
Toyota Motor Corp. (NYSE:TM):
The first suit in Toyota’s unintended acceleration case is seeing trial in California on Thursday, as opening statements are scheduled to start in Los Angeles, where about 85 personal-injury and wrongful-death acceleration cases have been consolidated. The suit being tried, which was filed by the husband and son of a woman who died in a crash, is a bellwether whose outcome may point the way to out-of-court resolution of others, Auto News reports.