Ford Motor Co. (NYSE:F) shares decreased 1.30% to $9.89 during the premarket hour following the Philippine Ford Motor unit’s announcement of the closure of its Santa Rosa assembly plant by the year’s end as part of its restructuring of regional manufacturing operations. In 1998, Ford returned to the Philippines after closing it during the 1980s. The shares traded up $0.06 (0.6%) recently at $910.08.
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General Motors Company (NYSE:GM) European branch, Opel, gained approval from its supervisory board to make large investments as an area of its turnaround plan, reports Reuters. The plan also includes big investments in new products and a new brand strategy. Without knowing how many plants will close in negotiation with European unions, it is difficult for Opel to plan future production. The shares traded up $0.15 (0.76%) recently at $19.81.
Toyota Motor Corporation (NYSE:TM):BMW Group (BMW) has wrapped up talks with GM (NYSE:GM) concerning fuel-cell research as it prepares to expand its Toyota partnership, Bloomberg reports. A spokeswoman for BMW claims that the company continues talks with GM, but not about fuel cells. The shares traded up $1.73 (2.27%) recently at $78.01.
Honda Motor Co., Ltd. (NYSE:HMC): Eight Japanese passenger car makers’ domestic production increased 60.8% in a year in May, reaching 740,626 vehicles, according to the Nikkei. Toyota (NYSE:TM) witnessed a 155.6% domestic output increase on the year, and Honda reported a 113.1% increase. The shares traded up $0.36 (1.09%) recently at $33.28.
Tesla Motors, Inc. (NASDAQ:TSLA) has good news for investors; the new Model S is receiving rave reviews, but there could be some time before a revenue boost. Model S buyers today have to put down a $5K deposit, which is not due until the delivery date, usually 11 months later. Tesla executives state that they wish to diminish the wait time to 3 months. The shares traded down $0.55 (1.72%) recently at $31.41.
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