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Auto News: Tesla Motors Inc (TSLA), General Motors Company (NYSE:GM), Ford Motor Company (F)

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Editor’s Note: Related tickers: Tesla Motors Inc (NASDAQ:TSLA), General Motors Company (NYSE:GM), Ford Motor Company (NYSE:F)

General Motors Company (NYSE:GM)

Tesla Motors Given New $118.00 Price Target at Robert W. Baird (TSLA) (MideastTime)
Stock analysts at Robert W. Baird lifted their price target on shares of Tesla Motors Inc (NASDAQ:TSLA) from $70.00 to $118.00 in a report issued on Wednesday, reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s price target would suggest a potential upside of 24.91% from the company’s current price. TSLA has been the subject of a number of other recent research reports. Analysts at TheStreet reiterated a “buy” rating on shares of Tesla Motors Inc (NASDAQ:TSLA) in a research note to investors on Wednesday, June 5th.

Tesla shares face drain from pricey batteries (BusinessSpectator)
Shares of Tesla Motors Inc (NASDAQ:TSLA), which makes electric cars that are widely praised for performance, could fall more than 50 per cent unless the company can get stronger, cheaper batteries that will allow it to cut the $90,000-plus vehicle sticker price in half, Barron’s said. The company’s current Model S is too expensive to attract the hundreds of thousands of buyers each year needed to support the stock price, Barron’s said in its June 10 edition. The battery for the model, which will run about 230 miles on a charge, costs tens of thousands of dollars.

AMP Holdings Aligning as the Tesla of Trucks (SECFilings)
The electric vehicle, or EV, industry has been building momentum with initiatives in the United States and China to put more of the environmentally friendly cars on the roads to combat pollution and reduce dependence on fossil fuels. Tesla Motors Inc (NASDAQ:TSLA) firmly has the attention of Wall Street after in May reporting its first-ever quarterly profit. Shares of Tesla have basically tripled in 2013 to record highs as more of their cars are being bought and profit margins climb. Elon Musk, chief executive at Tesla, told shareholders this week that the company is increasing production efficiency and hopes to boost its gross margin from 17 percent in the first quarter to 25 percent by the end of the year.

Man blames General Motors for allegedly defective vehicle (WVRecord)
A man is suing General Motors Company (NYSE:GM) after he claims the vehicle he purchased was defective. Thornhill Superstore Inc. was also named as a defendant in the suit. On Aug. 3, 2011, James Ball purchased a 2011 Chevrolet Traverse from the defendants, according to a complaint filed May 23 in Kanawha Circuit Court. Ball claims after purchasing the vehicle, he discovered and experienced repeated nonconformities that substantially impaired the use, value and/or safety of the vehicle. As a result of the nonconformities, Ball returned the vehicle to the defendants at least five times for repairs, according to the suit. Despite his efforts to allow the defendants on opportunity to repair the vehicle, the defendants failed to do so, the suit says.

GM to Halt Production at St Petersburg, Russia Plant for Month (FoxBusiness)
General Motors Company (NYSE:GM) will halt production at its St. Petersburg plant for a month this summer, two weeks longer than originally planned, partly due to a slowdown in demand in the Russian auto market, a spokesman said Wednesday. “We are adjusting our plans according to market demand and taking into account the market’s recent correction,” said spokesman Sergey Lepnukhov. Sales of cars and light commercial vehicles in Russia fell 12% on the year in May and are now 4% behind last year’s record pace, according to the Association of European Businesses in Russia.

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