Honda to Ramp Up US Production and 3 Auto Stocks Making Headlines Now
Toyota Motor Corporation (NYSE:TM): According to the Wall Street Journal, Volkswagen (VLKAY) said that over the next three years, they will invest $65 billion in their worldwide operations, another sign that Germany’s strong auto industry is looking to move beyond troubled Europe. Volkswagen would like to increase their lead over the rest of the region’s auto makers as well as take Toyota Motor Corporation’s place as the world’s largest auto maker. BMW and Daimler’s (DDAIF) Mercedes-Benz are also making large investments outside of Europe.
Honda Motor Co., Ltd.’s (NYSE:HMC) Chief Executive Takanobu Ito said his company would like to increase vehicle exports from the United States and this is part of a strategy to move development and production away from Japan due to the strong yen. “Our U.S. plants export just 6% to 7% of production, but they should be able to do more than that,” he said in an interview Monday. “If there’s enough demand from other regions for larger vehicles, then closer to 20% is conceivable.”
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Tesla Motors, Inc. (NASDAQ:TSLA): In spite of a Superior Court judge denying an injunction against Tesla Motors, the Massachusetts State Automobile Dealers Association said they will not drop their month-old lawsuit against the electric automaker. The suit deals with the fact that there is a Tesla Motors, Inc.’s small store in the Natick Mall. Previously to their opening next to Victoria’s Secret in late September, MSADA and their national arm, the National Automobile Dealers Association, had threatened to sue Tesla for running company-owned dealerships rather than using independently-owned franchisees. Massachusetts law bans automakers from owning their own dealerships.
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