GM SUED Over This Bankruptcy and 4 Auto Stocks Making Headlines Now
Ford Motor Co. (NYSE:F) new plants in Asia should be able to build as many as seven different vehicles as part of a new global production system, top executives announced on Monday. Ford, under its One Manufacturing banner, intends to open nine new plants in its Asia Pacific Africa region, which should raise annual production capacity to about 2.9 million vehicles. The shares traded up $0.04 (0.44%) recently at $9.13.
General Motors Company (NYSE:GM) is being sued by Spyker for $3 billion for allegedly pushing Saab into bankruptcy by interfering with a planned deal, according to Reuters. In a statement, Spyker claimed that GM’s actions had a “directed and intended objective of driving Saab Automobile into bankruptcy.” The shares traded down $0.20 (1%) recently at $19.84.
Toyota Motor Corporation (NYSE:TM) is to recall over 160,000 Rav 4 SUVs it sold in China because of a rear suspension problem, China Daily reported on Saturday. Friday, AP reported that the company would recall 778,000 RAV4 SUVs and Lexus HS 250h sedans in the U.S. to correct a suspension problem which may cause crashes. The shares traded down $0.03 (0.04%) recently at $81.03.
Honda Motor Co., Ltd. (NYSE:HMC) sold 52,045 vehicles in China during July via its two joint ventures. This is more than double its total last year, while General Motors (NYSE:GM) and its joint ventures sold 199,503 vehicles in China during the month, a 15 percent rise year over year, according to the Wall Street Journal. The shares traded up $0.51 (1.63%) recently at $31.84.
Tesla Motors, Inc. (NASDAQ:TSLA) reached an interesting milestone for its popular Model S EV. Tesla CEO Elon Musk announced that the company has produced its first 50 Model S luxury sedans, and he adds that Tesla will quicken the production of the Model S each week to meet its target of delivering 5,000 Model S EVs during the year. The shares traded up $1.08 (3.96%) recently at $28.35.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.