Toyota Raises Profit Forecast and 4 Auto Stocks Making Headlines Now
Ford Motor Co. (NYSE:F): According to Reuters, a report filed last night explained that Ford Motor Co. and General Motors (NYSE:GM) have agreed to share Australian auto parts supplier Autodom’s debt liability of $6.5 million.
General Motors Company (NYSE:GM): A General motors Company Korean spokesman confirmed statements by local labor union officials that the revamped Chevrolet Cruze will not be built in South Korea, but did not provide further details. According to the union spokesperson, Choi Jong-hak, GM Korea’s head, Sergio Rocha, recently disclosed the decision to the company’s South Korean union. Rocha said the new model would be built in five areas including Europe, the United States and China. Besides South Korea, GM has been building the Cruze for local markets in the United States, China and Brazil as well as in several other countries including Russia.
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Toyota Motor Corporation (NYSE:TM): After earnings from Japan’s last quarter jumped to a four year high of 143.7 billion yen ($1.8 billion), Toyota Motor Corporation, the nation’s largest manufacturer, raised their profit forecast. That was 46% higher than the average estimate of five analysts surveyed by Bloomberg. Income from North America and other parts of Asia missed projections.
Honda Motor Co., Ltd. (NYSE:HMC): According to the Nikkei, Honda Motor Co., Ltd. is gaining on Suzuki Motor and Daihatsu Motor in Japan’s minicar market. In that market, Honda offers the N Box and, more recently, the N-One.
A123 Systems, Inc. (NASDAQ:AONE): A123 Systems, Inc. announced that the United States Bankruptcy Court for the District of Delaware has granted them interim approval to use $50 million of Debtor-in-Possession, or DIP, financing which is being provided by Wanxiang Group Corporation. The financing is in addition to the pre-petition $22.5 million of liquidity and letter of credit support that Wanxiang provided to A123 which will remain in place.
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