A123 Bounces Back and 3 Auto Stocks Making Headlines Now
Toyota Motor Corporation (NYSE:TM): On Monday, auto parts maker Toyota Industries stated that it intended to purchase the Cascade Corporation for $759 million in cash as part of an effort for worldwide expansion. Beneath the term’s deal, Toyota Industries is to pay $65 a share through a tender offer, which is 23 percent higher than Cascade’s 60-day volume-weighted average share price.
Honda Motor Co., Ltd. (NYSE:HMC): In January, the full production version of the Honda NSX supercar is to debut at the Detroit Motor Show, according to Auto Express. A leading executive for Honda Brazil stated at the Sao Paulo Motor Show, that the ‘real’ NSX is to be revealed in Detroit after the show car has completed its duties in Sao Paulo, and then it will be shown at the Tokyo show in November.
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Tesla Motors, Inc. (NASDAQ:TSLA): The head of the National Automobile Dealers Association, Montana dealer Bill Underriner, has informed Corporate Intelligence that he along with other members of his organization continue to be concerned that Tesla’s company stores do not comply with the franchise laws in a number of states. Furthermore, Mr. Underriner claims that Tesla’s stores don’t deliver proper infrastructure for service and repair. “We don’t see where Tesla is going to be able to repair or do any recalls they have on those vehicles” in the showrooms they’ve established, Mr. Underriner says. Representatives of NADA plan to discuss the issue with Tesla, he adds. “The solution,” he says, “is for them to start a distribution network that includes dealers.”
A123 Systems, Inc. (NASDAQ:AONE) shares are still moving higher and have seen a 280 percent bounce back from its all time low of $0.05 last week, when the stock saw an 80 percent drop in single day following the company’s filing for bankruptcy. On Friday, the company won court approval for it to borrow up to $15.5 million from Johnson Controls Inc. as it gets ready to sell its assets.
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