3 Auto Stocks Going Places: Tesla Fire Resolved, Toyota Pays Up, GM’s Solar Initiative
Tesla Motors Inc. (NASDAQ:TSLA): The National Highway Traffic Safety Administration concluded that the now infamous Model S fire in Washington was not caused by a safety defect, as the agency found no evidence to suggest this was the case. As a result, the regulator said that it will not be pursuing any further investigation into the issue.
Toyota Motor Corp. (NYSE:TM): Toyota was forced to pay $3 million to the victims of a fatal car crash that occurred because a Camry accelerated without the driver taking action. While Toyota had previously settled a class-action lawsuit about the problem, this was the first time that the automaker has been made to pay for a single case. Toyota expressed disappointment at the verdict of the jury, but said that it was for the best that the parties had managed to reach a deal acceptable to all of the participants in the case.
General Motors Co. (NYSE:GM): General Motors announced that it is planning a massive solar array to be added to the rooftop of its transmission plant in Toledo, Ohio. The array will provide nearly 2 million megawatts of power, approximately 3 percent of the total needs of the plant. The initiative is part of General Motors’s program to reduce the carbon footprint of its operations across the country.
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