3 Auto Stocks Going Places: GM’s Texas Plant, Toyota Thinks Fuel Cells, Tesla Spotlights the Model X
General Motors (NYSE:GM): Monday marks the official opening of GM’s new $200 million stamping facility in Arlington, Texas, right next to the Arlington-based assembly plant that the company has already been operating there. The new project will cut GM’s commute of parts from Michigan and Ohio to Texas to about 20 feet from machine to welder, The Wall Street Journal reports, while saving the company roughly $40 million per year in shipping costs.
Toyota Motor Corp. (NYSE:TM): Toyota is predicting the costs of producing hydrogen fuel cells to be about $51,000, about half the cost it runs now, by 2015, and to halve it again by 2020, a leading executive said. Satoshi Ogiso, a managing officer of Toyota, added that by 2020, the cost of a fuel cell vehicle “will be closer to that of a plug-in hybrid vehicle and cheaper than an electric vehicle,” Automotive News reports. Initially, the vehicles will run about $50,000 to $100,000 at retail.
Tesla Motors (NASDAQ:TSLA): Tesla unveiled a prototype of its Model X SUV at a showroom opening in Palo Alto, California. The vehicle is expected to generate significant sales in the next several years, something that has already been factored into Tesla’s booming share price. The scene in California was a virtual red carpet moment for the vehicle, with customers flocking to catch a glimpse and to snap a photo of the superstar automobile.
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