Ford See Volatility in Europe and 4 Auto Stocks Driving Forward
Ford Motor Co. (NYSE:F): According to Reuters, Ford Motor Co. could eliminate more jobs and plants in Europe if the debt crisis deepens. Chief Executive Officer Alan Mulally said that the situation in European markets remains “very volatile,” and is unsure when the European economy will hit bottom or stabilize.
General Motors Company (NYSE:GM): General Motors India will launch the Sail sedan and the Enjoy multi-purpose vehicle during the current financial year. The all-new Chevrolet Sail U-V, a premium hatchback, will be launched today. P. Balendran, Vice President of GM India, told reporters that both Sail sedan and Enjoy MPV would be rolled out during the fourth quarter. Chevrolet Sail U-Va is the fifth product launched by GM in India this year to cash in on the Diwali boom.
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Toyota Motor Corporation (NYSE:TM): Some 4,000 Toyota and Lexus vehicles were at the company’s port facility in Newark when the storm hit. Jana Hartline, a spokeswoman for Toyota’s U.S. unit in Torrance, California, said in a phone interview that, “We have about 1,300 that we are taking a second look at, that may be salvaged,” she said. “A little bit under 3,000 will likely be scrapped.”
Honda Motor Co., Ltd. (NYSE:HMC): In spite of solid sales in the United States, Honda Motor Co., Ltd. is cutting their revenue guidance for the year due to slow sales in China. A dispute between Japan and China over who owns a group of islands in the East China Sea is hurting Honda’s bottom line and needs to be corrected in order to strengthen their long-term growth.
Tesla Motors, Inc. (NASDAQ:TSLA): Tesla Motors, Inc. had a revenue of $50.1 million. The thirteen analysts polled by S&P’s Capital IQ expected revenue of $48.6 million on the same basis. GAAP reported sales were 13% lower than the prior-year quarter’s $57.7 million.