Ford, Honda Issue Recalls and 3 Auto Stocks Making Headlines Now
Ford Motor Co. (NYSE:F) was unable to face a worse recall than one wrapping together two critical 2013 vehicles and a technology, which it spent the majority of time and money trying to burnish: Fusion sedan, Escape crossover, and the EcoBoost turbocharged engine. However, on Monday, Ford was unable to explain why the 1.6-liter EcoBoost engine in its two big-selling models was overheating with the ability to catch fire, or the manner in which it intends to fix the 89,153 vehicles involved. Ford has begun to urge owners to park their vehicles, contact their dealers, and arrange for loaners.
General Motors Company (NYSE:GM): The Supreme Court is letting General Motors Co employees whose pension plans lost money pursue their case against a State Street Corp unit regarding the management of their retirement savings plans prior to the automaker going bankrupt. On Monday, the court refused to review the case as it let stand a February ruling from a lower court letting the workers sue State Street Bank and Trust Co.
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Toyota Motor Corporation (NYSE:TM) highlighted its sustainable manufacturing advancements and commitment to environmental leadership since the company released its 2012 North America Environmental Report. The report covers Toyota operations in the United States, Canada, and Mexico over the fiscal year, and it includes research and development, manufacturing, logistics, and sales. Toyota continues to be the most fuel-efficient full line auto manufacturer within the United States and the industry hybrid leader.
Honda Motor Co., Ltd. (NYSE:HMC) issued a recall of 157 examples of the 2012 Civic because of an issue with the steering column. The vehicles being recalled were built between October 26 and October 30 of this year, and were fitted with the wrong steering column assembly. As a result, these particular columns “may not have proper energy absorbing characteristics,” and if there is an accident, the risk of injury rises.
Tesla Motors, Inc. (NASDAQ:TSLA) was being investigated by the Immigration and Customs Enforcement for using foreign instead of American parts to manufacture its electric vehicles by the use of its foreign trade zone status to bypass a requirement of federal loans that companies source their inputs from within America. In early 2010, Tesla gained a federal loan of $465 million from the US Department of Energy. The Washington Times reports that it is unclear what the ultimate conclusion of the investigation is, but the Department of Energy did not join the customs probe on the grounds that Tesla’s loan funds came about via a federal appropriations bill, and not beneath the presidential stimulus program.