3 Auto Stocks Going Places: Tesla’s Shares Take Another Dive, GM’s Chevy Tavera Recall, More Toyota Problems
Tesla Motors Inc. (NASDAQ:TSLA): Tesla’s shares took another dive following reports of a third fire in one of its high-end electric cars, as well as concerns about the company’s Model S luxury sedan. The fire occurred in Smyrna, Tennessee, following a crash on Wednesday. It is the third Model S to catch fire in the last five weeks. The company’s shares took a 9 percent decline followed by a 15 percent downturn on Wednesday morning; previous to this reversal, the company’s shares rose about 400 percent over the course of most of the year.
General Motors Co. (NYSE:GM): India’s Ministry of Road Transport and Highways said that a special panel will track the recall of the 114,000 Chevrolet Tavera SUVs to ensure that the emission testing is being initiated properly; General Motors halted the production of the model last summer after accusations surfaced that employees of GM India had fabricated the emissions results for the vehicle.
Toyota Motor Corp. (NYSE:TM): Toyota has now recalled 4,000 Toyota Tacoma trucks over problems with the vehicles’ valve springs. This isn’t the first of such recalls: In the past month alone, Toyota has recalled “over 800,000 Camry, Avalon and Venza models over problems with the air-conditioning units.” In this most recent recall, the issue revolves around engine valve springs in both the 2013 and 2014 model Tacomas. The valves are prone to breaking and cracking over time as a result of the improper maintenance of Toyota’s manufacturing equipment.