Rejected by Wall Street, Ford’s CEO Has Support Where It Matters
Days after another dismal earnings report, Ford Motor Co. Chief Executive Officer Jim Hackett sent a blunt message during an internal town hall: I’m not going anywhere. If there were any doubts in the crowd about that statement, Hackett underscored it by discussing the early retirement of Joe Hinrichs, a Ford president whom many had seen as a potential successor to the CEO. The comment was a surprising display of force from a man who had just overseen another disappointing quarter that deepened the sell-off in Ford stock during his almost three-year tenure. The reason for such confidence: Hackett, 64, retains the backing of Executive Chairman Bill Ford.
Vantas Bringing Chinese Vehicles to U.S. in 2021
Vantas, based in Irvine, CA, and part of HAAH Automotive Holdings, displayed two Chery-built SUVs intended for sale in the U.S. at last week's National Automobile Dealers Assn.'s convention and expo in Las Vegas. Both vehicles, the two-row TXL and three-row VX, come from Chery's Exceed brand in China. The TXL currently is available there, while the VX is expected to go on sale soon in China. HAAH Chairman and CEO Duke Hale tells Wards the plan is to sell the TXL in the U.S. in fourth-quarter 2021 and the VX six months later.
Chinese Electric Carmaker NIO Surges 30% as It Confirms Talks for More Than $1.4 Billion in Funding
Shares of Chinese electric carmaker NIO surged nearly 30% in pre-market trade Tuesday after it said it was in talks for funding and new factories. U.S.-listed NIO said it was in discussions with the government of Hefei. The city is a hub for automakers and the capital of Anhui province, which borders the province of Hubei where the new coronavirus reportedly began. Part of the talks are around specific terms for a funding round which could raise more than 10 billion yuan ($1.4 billion) for the company.
U.S. Stocks Climb Following Monday Selloff
U.S. stocks rose Tuesday, showing signs of stabilizing after rising fears about the economic impact of the coronavirus epidemic sent markets tumbling to start the week. The Dow Jones Industrial Average gained 132 points, or 0.5%, to 28091 shortly after the opening bell. The S&P 500 advanced 0.4% and the Nasdaq Composite climbed 0.7%.
Source: The Wall Street Journal