Tesla Motors Inc., the maker of electric cars run by billionaire Elon Musk, surged 24 percent after posting a first profit, beating estimates and earning a top evaluation for its Model S sedan from Consumer Reports.
It’s not just Toyota Motor Corp.’s recalls last year or Japan’s earthquake driving General Motors Co. back to being the world’s largest carmaker. Nor is it completely to GM’s credit. What’s really happening is a historic shift in the car business.
General Motors Co., the automaker that has lost $14.5 billion in Europe since 1999, said Volkswagen AG Chief Executive Officer Martin Winterkorn is stoking speculation that GM’s German-based Opel unit is for sale.
Toyota Motor Corp. was already counting on the revamped Camry to spark a U.S. sales rally. The carmaker’s flagship model is now under additional pressure as a stronger currency and Thailand’s floods cut into profit.
Less than three and a half years after Chrysler Group LLC’s bankrupt predecessor paid out 29 cents on the dollar to creditors, Chief Executive Officer Sergio Marchionne can point to the bond market for an endorsement.
Mark Reuss remembers the day, 20 years ago, when his father’s career was blindsided. Reuss had a tuxedo hanging in his car to wear that night to a long-planned event honoring his father’s 35-year career at General Motors Corp. when his mother called.