Tesla Falls Behind Schedule and 4 Auto Stocks Making Headlines Now
Ford Motor Co. (NYSE:F): The Detroit News reported that Chrysler may not have to accept the same terms as Ford Motor Co. and GM (NYSE:GM) in their discussions with the Canadian Auto Workers union. This is because they do not have any Canadian workers who have been permanently laid off.
General Motors Company (NYSE:GM): According to Reuters, General Motors Company (NYSE:GM), TD Bank (NYSE:TD) and Bank of Nova Scotia (NYSE:BNS) are said to be among fifteen parties interested in Ally Financial’s international operations. Sources say that GM is interested in Ally’s European and Latin American auto loan operations.
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Toyota Motor Corporation (NYSE:TM): According to Reuters and citing the Asahi newspaper, Toyota Motor Corporation (NYSE:TM) is not planning to produce any cars in China, this October, due to rising anti-Japan sentiment in the country which is hurting demand. The automaker is also planning to halt vehicle exports from Japan to China. Nissan (NSANY) will suspend car production at their Chinese joint venture beginning September 27, three days earlier than a scheduled holiday from September 30-October 7.
Honda Motor Co., Ltd. (NYSE:HMC): Driven by demand for small cars such as the Fit compact and new models in emerging markets such as China and India, Honda Motor Co., Ltd, Japan’s third- biggest car maker, plans to double sales in the next five years. President Takanobu Ito said that they are aiming to sell six million vehicles annually by March 2017, up from 3.1 million last fiscal year.
Tesla Motors, Inc. (NASDAQ:TSLA): Though Tesla Motors, Inc. completed the development of their Model S on time, plans to deliver up to 5,000 units to customers by the end of the year is taking longer than originally hoped and may not be met. The high standards demanded by Chief Executive Officer Elon Musk as well as the transformation from a niche manufacturer to a high-volume producer are the primary causes for the delay. This indicates that they will not hit their original revenue targets for the year. The Californian start-up is expecting full-year revenue of about $400 million to $440 million, down from their original prediction of $560 million to $600 million.