3 Auto Stocks Seeing Action: Ford Charges Up, Tesla Patent Holds EV Key, Fed Sells Off More GM Stock
Ford Motor Co. (NYSE:F): Ford revealed that it will be setting up electric vehicle charging stations for employees at more than 50 facilities in North America, adding that it wants to support growing the nation’s electric vehicle infrastructure in order to help make EV use more practical. Under the initiative, employees at all types of Ford facilities will get up to four hours of plug-in time per day, free of charge.
Tesla Motors (NASDAQ:TSLA): Global Equities analyst Trip Chowdhry believes a patent submitted by Tesla Motors for a hybrid battery pack could increase the range of Tesla vehicles by as much as 40 percent if it ends up being developed and implemented. Chowdhry thinks the new pack could make it into the company’s Model S sedan by mid-2015.
General Motor Co. (NYSE:GM): The U.S. government revealed it sold $811 million worth of GM common stock last month at a cost of $33.50 to $37.18 per share. This would imply the government has sold back about $35.4 billion of the $49.5 billion bailout it administered to the company and is still holding on to an estimated 186 million shares.