Tesla Reports Net LOSS and 4 Auto Stocks Making Headlines Now
Ford Motor Co. (NYSE:F) appointed Matt Bradley as its new president of Association of South East Asian Nations, according to the Detroit News. The appointment will be effective tomorrow. Bradley, who iscurrently VP of sales, service and distribution for Ford Asia Pacific and Africa, is to takeover the positions from Peter Fleet, who has recently been named VP of sales for Ford Europe. The shares traded up $0.11 (1.22%) recently at $9.11.
General Motors Company (NYSE:GM) Chief Marketing Officer Joel Ewanick was pushed into resignation, and complied after some senior managers for the comapany reviewed a sponsorship agreement which failed to meet policies, according to a source close to the situation, reported Bloomberg. The shares traded down $0.27 (1.40%) recently at $19.40.
Toyota Motor Corporation (NYSE:TM) (7203)’s Turkish unit Turkish media reports denied that it is threatening to desist investments in the country following a number of worker lawsuits. The shares traded down $0.59 (0.78%) recently at $75.50.
Honda Motor Co., Ltd. (NYSE:HMC): Clean Diesel Technologies (NASDAQ:CDTI) announced that it will begin supplying catalysts for next-generation four- and six-cylinder Honda (NYSE:HMC) Accord models. The company expects to announce more model programs during 2013 while it keeps a close collaboration with Honda on other high-performance six-cylinder and hybrid vehicle applications. The shares traded down $0.35 (1.08%) recently at $32.05.
Tesla Motors, Inc. (NASDAQ:TSLA) sent a letter to its shareholders, which outlines a significant non-GAAP (generally accepted accounting principles) net loss for the Q2 of the year: at a staggering $93 million. For the quarter, the company reported revenue totaling $27 million, with automotive sales totaling for $22 million. This includes its powertrain work with both Daimler and Toyota. The company marked a 15 percent rise in comparison to the quarter before, while Tesla Roadster sales continued internationally. The Tesla Model S began deliveries in the USA, and sales of the Toyota RAV4 EV were included in the numbers. Model S reservations were more than 11,500 by the quarter’s end and have since expanded to 12,200. Tesla expects to sell out of Roadster models before the end of the year. The shares traded down $1.57 (5.32%) recently at $27.94.
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