A123 Suitor Seeks Bankruptcy Delay and 2 Auto Stocks Making Headlines Now
Honda Motor Co., Ltd. (NYSE:HMC): A ship filled with 390 Honda Brio cars made in India embarked for South Africa on Thursday, which indicates the company’s entrance into South Africa and the South African Development Community (SADC) countries. At a brief ceremony in Mumbai, Honda Cars India Ltd (HCIL) President & CEO Hironori Kanayama flagged off the first consignment that has been shipped to South Africa, where it is to be on sale from December.
Tesla Motors, Inc. (NASDAQ:TSLA): Automotive franchise laws prohibit manufacturers from competing with dealers that have invested time and money in the promotion of their business. However, this does not apply to Tesla due to the fact that the company does not use franchising at all, according to Musk. Tesla is far more focused on opening service centers, where car owners have the ability to easily access company, certified mechanics, for their cars than they are on showrooms. At the start of 2012, they possessed 9 Service Centers within the US, but by the year’s end, they’ll have 26. More than 85 percent of people reserved a Tesla Model S in North America to be within 50 miles of a service center, and 92 percent are to be within 100 miles.
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A123 Systems, Inc. (NASDAQ:AONE): Fisker Automotive Inc. requested that a bankruptcy judge delay the auction of A123 Systems Inc. “A hurried sale process will be damaging to the estates and deprive creditors of value that may be realized through higher and better offers,” stated Gregg Galardi, a Fisker attorney, in court papers filed that were filed in Wilmington, Delaware. Fisker hopes for an extension of the bid deadline, auction date, and related dates and deadlines in the bidding procedures request by a minimum of 30 days, court papers show.
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