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General Motors Company (NYSE:GM) intends to start talks for the purchase of a stake in its South Korean unit from the unit’s second largest shareholder, Korea Development Bank. GM is owner of nearly 77 percent of GM Korea, but Korea Development Bank has a 17 percent holding, giving the state-run bank the right to veto the decisions made by the automaker, according to Reuters.
Toyota Motor Corporation (NYSE:TM) saw a rebound in the U.S. following a sales drop lasting four years, and the company could report a rise of 20 percent in October deliveries on demand for Camry sedans and Prius hybrids, stated U.S. Group Vice President Bill Fay. Currently, the sales pace in October has risen “18 to 20 percent” from the previous year, which was slower than the 42 percent rise that was reported by Toyota in September, Fay stated in a phone interview. Toyota along with additional automakers are scheduled to release October sales figures on Nov. 1.
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Honda Motor Co., Ltd. (NYSE:HMC) has recalled particular CR-V compact SUVs from the 2012 model year due to misprinted labels misleading drivers, possibly putting motorists in danger. In a document that was filed with the National Highway Traffic Safety Administration, the automaker stated that particular CR-Vs with the LX trim level built from Aug. 30 to Aug. 31 possess safety labels that including the wrong figures for the gross vehicle weight and gross axle weight ratings, and sizes for tires and wheel rims. The recall pertains to 264 vehicles.
Tesla Motors, Inc. (NASDAQ:TSLA): The National Automobile Dealers Association stated that it has “serious concerns about Tesla’s intentions” in regards to its retail network, and it is trying to meet to speak with Tesla CEO Elon Musk to discuss the company’s plans, Bloomberg reported. This month, the electric carmaker was sued by dealer groups in New York and Massachusetts and Tesla shares saw a 3.4 percent drop yesterday before a preliminary injunction hearing in Massachusetts in regards to the suit filed there.
A123 Systems, Inc. (NASDAQ:AONE) declared financial bankruptcy, and along with that, CEO David Vieau and his lieutenants gained more than $279 million in Recovery Actfunds and a minimum of $135 million from Michigan taxpayers before running the company into the ground. However, they requested bankruptcy court judge for his blessing to receive as much as $4.2 million in executive and retention bonuses to assist with the company’s takeover, which is expected to be Johnson Controls.
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