3 Auto Stocks Going Places: Toyota’s Russian Plans, Fed Sheds GM Stock, Tesla’s Autonomous Timeline
Toyota Motor Corp. (NYSE:TM): Toyota will be infusing roughly $181 million in investments to expand the production capacity at a plant in St. Petersburg, Russia. Toyota hopes to start manufacturing the RAV4 small SUV, Toyota’s top selling model in Russia, at the plant in 2016. Despite six straight months of decreasing auto sales in Europe, Toyota has seen sales of the RAV4 rise by 43 percent to 27,000 vehicles in the eight months ending in August.
General Motors (NYSE:GM): The U.S. Treasury Department has cut yet another block of GM stock from its position and now retains just 7.3 percent — nearly half of the holding that it held in June. Just last week, the government had revealed that it had sold $811.1 million in GM stock during the month of August. However, although GM’s shares have performed admirably this year, the government is still set to lose about $10 billion on its emergency infusion of capital.
Tesla Motors (NASDAQ:TSLA): CEO Elon Musk says that Tesla will develop a near-fully autonomous car within three years, and sees the concept as allowing 90 percent of the driving function to be handled through an on-board computer system. The self-driving car would be developed in-house using Tesla’s own technology, not that of another company, Musk said. If successful, the new technology could have profound IP implications further down the road when other players enter the ring.