3 Auto Stocks Going Places: Tesla’s DOE Loan, Ford Faces Steep Tax in China, and GM’s New Factory
Tesla Motors (NASDAQ:TSLA): Now that its latest stock offering has been rounded out, Tesla is looking to pay back its loan to the Department of Energy this week — possibly on Wednesday. Separately, the Supercharger announcement that CEO Elon Musk has been teasing for several weeks now has been pushed back yet again, due to efforts to get the DOE situation cleared.
Ford (NYSE:F): Rumors of a steep 20 percent sales tax on luxury cars in China is putting a damper on sales growth for the region, as Ford’s Lincoln brand and General Motors’ (NYSE:GM) Cadillac division will be subjected to the hike. Expectations for ramping up growth could run into issues with the tax, though the same fees would be imposed on German and Japanese rivals as well.
General Motors (NYSE:GM): The country’s largest automaker will be pumping about $44.5 million into a factory in Lansing, Michigan, to build the Cadillac ATS and CTS models, as well as the 2015 Camaro. The investment will create about 200 new jobs, in addition to the 1,500 or so workers already stationed at the plant. The new building and workers will boost quality and efficiency by assembling parts and putting them in the right sequence for all the different models, GM spokeswoman Erin Davis says.
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