Ford Recalls Fiestas and 4 Auto Stocks Driving Headlines Now
Ford Motor Co. (NYSE:F) is recalling more than 154,000 Fiesta subcompacts to repair issues concerning the side air bags, according to the Associated Press, reports the Economic Times. The recall will affect Fiestas model years 2011 through 2013.
General Motors Company (NYSE:GM) announced that its preparations are set to begin soon at the Detroit-Hamtramck Assembly plant to build the Cadillac ELR, which is a luxury coupe equipped with extended-range electric technology. Detroit-Hamtramck Assembly is to gain a $35 million investment for extended-range electric vehicle. “The ELR will be in a class by itself, further proof of our commitment to electric vehicles and advanced technology,” Reuss stated in a keynote address at the SAE Convergence Conference in Detroit. The car will instantly be recognized as a Cadillac due to its distinctive, signature look and exterior design. Production will begin in late 2013.
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Toyota Motor Corporation (NYSE:TM) announced a massive recall of 7.43 million vehicles globally including over a dozen models manufactured between 2005 and 2010. The automaker will need to repair faulty power window switches able to cause fire because the manufacturer did not have grease applied properly during production.
Tesla Motors, Inc. (NASDAQ:TSLA): OmniVision Technologies (NASDAQ:OVTI) announced that its OV10630 image sensor was chosen by Tesla Motors to support the manufacturer’s rear-view camera system in Model S, which is the first premium electric sedan in the world.
A123 Systems, Inc. (NASDAQ:AONE) has entered into an asset purchase agreement with Johnson Controls (NYSE:JCI) in a transaction worth $125 million. Beneath the agreement’s terms, Johnson Controls has intentions to acquire A123’s automotive business assets, including all automotive technology, products, and customer contracts; its facilities in Livonia and Romulus, Michigan; its cathode powder manufacturing facilities in China, and A123’s equity interest in Shanghai Advanced Traction Battery Systems Co., A123’s joint venture with Shanghai Automotive. Along with the proposed transaction, A123 obtained a commitment from Johnson Controls for $72.5 million in “debtor in possession” financing for the support of the company’s ongoing operations as the the sale process was pending.