Honda Suspends Production and 4 Auto Stocks Driving Forward
Ford Motor Co. (NYSE:F): The president of the Canadian Auto Workers union,Ken Lewenza, stated that his union could strike all three major American auto makers beginning tomorrow, The New York Times stated yesterday.Lewenza also stated that there has been progression in regards to its talks with Ford, and deals with similar terms could be made with GM (NYSE:GM) and Fiat’s (FIATY) Chrysler prior to the strike deadline tonight, the newspaper claimed.
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General Motors Company (NYSE:GM): The Treasury Department has been fighting a move by GM in which it intends to sell the government’s entire stake in the auto maker. GM executives continue to grow more frustrated with the government ownership, along with having to handle the stigma of being known as “Government Motors,” according to the Wall Street Journal.
Toyota Motor Corporation (NYSE:TM): Today, President Obama is to launch a trade complaint against China at the World Trade Organization in regards to what the administration claims is Beijing’s allegedly illegal subsidies for automobiles and auto parts, according to a White House official, reports Reuters.
Honda Motor Co., Ltd. (NYSE:HMC) is to suspend production in China beginning on Sept. 18 for two days due to anti-Japan protests springing up across China over the weekend because of a territorial dispute between Tokyo and Beijing.
Tesla Motors, Inc. (NASDAQ:TSLA) shares saw a rise of 5 percent on Monday, so along with its production news, it was lifted due to an upgrade by analysts at Morgan Stanley. On the other hand, the production of 100 vehicles a week indicates that Tesla’s huge ramp-up in production timetable could occur sooner than predicted, but there is more work ahead before the company has the ability to produce enough vehicles to be able to reach the 20,000 per year production clip it has been aiming for. Musk stated that by 2013, Tesla will raise production to “at least 20,000 units.”
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