Honda Recalls 870K and 4 Auto Stocks Making Headlines Now
General Motors Company (NYSE:GM): Truck sales continues to be the focus of GM North America despite its uncharacteristic success with new car models like the Cruze sedan and the Chevy Equinox crossover. This is partially due to that fact that GM makes $9,000 to $11,000 from each pickup sale, versus only about $5,000 for a passenger car, according to Brian Johnson, an analyst with Barclays Research. However, as GM begins to prepare for the introduction of a new generation of Silverado and GMC Sierra trucks in Detroit on Thursday, the company could face various issues going forward. GM’s current models, the oldest of the major offerings in the full-size pickup market, lost market share as rivals from Ford Motor Co. and Chrysler Group surpassed GM trucks in fuel economy along with other features.
Toyota Motor Corporation (NYSE:TM) veteran executive Doug Formby is now the highest-ranking at the company’s new plant in Blue Springs, Mississippi. He replaces David Copenhaver as vice president for administration, making him the face of the plant. Copenhaver is retiring, and Formby also possessed important Toyota jobs in Princeton, Ind., Georgetown, Ky, and Erlanger, Ky., at its North American engineering and manufacturing headquarters. He was one of Toyota’s executives who decided upon the Mississippi site, just outside Tupelo. He’s will come in just in time for Toyota’s expected expansion to the Mississippi factory, which is already fully staffed only a year after it opened.
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Honda Motor Co., Ltd. (NYSE:HMC) has recalled over 870,000 minivans and SUVs globally due to an issue causing them to roll away although drivers have already removed the keys from the ignition. This recall was announced on Wednesday, and it affects older-model vehicles that are sold mainly in the United States. Because of their ample space and reputation for quality, they were big sellers with families. The issues with the ignition switches caused issues for Honda for years, and nearly 2.3 million vehicles have been recalled for the problem since 2003.
Tesla Motors, Inc.’s (NASDAQ:TSLA) CEO Elon Musk informed CNBC on Thursday that he has no concerns regarding the “fiscal cliff” and what it could indicate for subsidies for the solar industry.
A123 Systems, Inc. (NASDAQ:AONE): Navitas Systems LLC is a top provider of energy-enabled system solutions and energy storage products for commercial, industrial and government agency customers, and today, it announced that the United States Bankruptcy Court for the District of Delaware approved the sale of A123 Systems’ Ann Arbor, Michigan-based government business, which also includes all U.S. military contracts, for $2.3 million to Navitas. A123 develops and manufactures advanced Nanophosphate® lithium iron phosphate batteries and systems used in transportation, electric grid, commercial, and government markets.