GM Europe CEO STEPS Down and 4 Auto Stocks Making Headlines Today
Ford Motor Co. (NYSE:F): Although there has been a slight car sale slowdown recently, the American auto industry intends to produce nearly 14.9M light vehicles during 2012, which is a 13% increase from last year, IHS Automotive’s director of North American forecasts Mike Jackson informed Automotive News. The shares traded down $0.12 (1.29%) recently at $9.215. Ford (NYSE:F) also has declared a$0.05/share quarterly dividend, in line with previous. A Dividend yield 2.2%. For shareholders of record Aug 03; payable Sep 04; ex-div date Aug 01.
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General Motors Company (NYSE:GM) Europe President and Opel/Vauxhall CEO Karl-Friedrich Stracke has resigned from his current position in order to take on special assignments, and he will report to GM Chairman and CEO Dan Akerson. GM Vice Chairman Steve Girsky, who is currently Chairman of the Opel Supervisory Board, will be acting head for GM’s European operations while the company searches for a replacement. the Adam Opel AG supervisory board will convene soon in order to appoint an interim chairman of the management board. The shares traded down $0.55 (2.76%) recently at $19.35.
Toyota Motor Corporation (NYSE:TM) recently announced another huge recall regarding problems with stuck gas pedals. The company issued a recall for its the 2010 Lexus RX 350 and the 2010 Lexus RX 450h late last month in order to fix an issue concerning floor mat entrapment. This calls nearly 154,000 car owners to the dealer. According to the Department of Transportation, the total number of recalls in relation to Toyota’s stuck accelerators is over 10M vehicles. The shares traded down $1.44 (1.86%) recently at $75.92.
Tesla Motors, Inc. (NASDAQ:TSLA) has increased 3.4% and continues its strong trade. The company is up nearly 10% since it launched its well liked Model S. Aeris Capital maintians its under the hood (tweet): “130 mph 4.4 seconds 0-60 with 300 mile @85kWh..Toyota and GM should be flogged.” The shares traded up $1.34 (4.25%) recently at $32.85.
A123 Systems, Inc. (NASDAQ:AONE): Valence Technology (NASDAQ:VLNC) has filed for Chapter 11 bankruptcy. The company, who develops lithium-ion batteries for vehicles as well as other high-powered equipment, had previously disclosed board resignation and a delisting notice yesterday. Its rival A123 Systems, +1.7%, who has its own issues with cash flow, has not shown any negative effects. The shares traded up $0.03 (3.44%) recently at $0.910.
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