dglobalnews.com Tesla is worth more than Ford -- and GM is in sight
Published: Wed, April 05, 2017
Markets | By Armando Jensen

Tesla is worth more than Ford -- and GM is in sight

Tesla is worth more than Ford -- and GM is in sight

General Motors (GM) reported weaker-than-expected March U.S. sales on Monday as unsold vehicles pile up.

Fusion sales declined 36.8% to 18,759 vehicles while Fiesta sales surged 20.6% to 5,488 vehicles but Focus sales plunged 22.5% to 14,437 vehicles. The institutional investor owned 113,193 shares of the auto manufacturer's stock after buying an additional 95,362 shares during the period. Despite strong sales of the Grand Cherokee in March, Jeep's overall sales for the month were down 11 percent from the previous year.

At GMC, sales of the Acadia, which was redesigned in 2016, increased 84% in March, driving the brand's big increase for the month.

EPS growth in next year is estimated to reach 5.42% while EPS growth estimate for this year is set at -37.60%.

An analyst at Goldman Sachs downgraded Tesla to a "sell" rating at the end of February because of concerns about the SolarCity deal and about how much Tesla plans to spend on three more of its Gigafactories for battery and solar panel production.

While SUV sales were key to those increases, sedans also bolstered the numbers.

Retail sales fell 2% last month, with 157,740 vehicles sold.

Analysts await Phillips 66 Partners LP (NYSE:PSXP) to report earnings on May, 5.

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The average transaction price for Ford-brand models overall was up about $1,800 from a year ago, to $34,640.

The early results cast doubt on estimates that industrywide U.S. auto sales would rise in March compared with 2016's weakest month, when results were depressed by the early Easter holiday. Vehicle sales are down 15.7% at 7,020 units, while truck sales are up 4.7% at 55,684 units. General Motors (GM), Nissan (NSANY) and Volkswagen (VLKAY) sales rose due largely to SUV sales as most major automakers reported March sales figures on Monday.

In related news, insider Stefan Jacoby sold 2,540 shares of General Motors Company stock in a transaction that occurred on Monday, January 9th.

Sales of Ford's Edge and Explorer SUVs were both down year over year, 16% and 6%, respectively - a surprise in what has been a hot market for crossover SUVs of all sizes. Among categories, a 24.2 percent slump in auto sales and a 3.4 percent decline in SUV sales were offset to some extent by a 2.5 percent increase in truck sales. LMC says average prices rose to $31,074, beating the previous March high of $31,049 set a year ago.

Vehicle sales in America have risen ever since end of the Great Recession and hit a record past year of 17.55 million. Vehicle sales fell 15 percent.

The second biggest automaker said that its Super Duty high-series trucks accounted for 56 percent of its Super Duty retail sales in March.

Zacks Investment Research also rated the stock with a value of 2.33. General Motors Company (NYSE:GM) has a market capitalization of $52.89B and most recently 1.50B outstanding shares have been calculated. But truck sales rose 6 per cent. Fiat Chrysler Automobiles NV and Toyota Motor Corp. also fell short of expectations. Another trade for 23,123 shares valued at $293,133 was sold by Thai-Tang Hau N. $629,046 worth of Ford Motor Company (NYSE:F) shares were sold by Schoch David L. 10,000 Ford Motor Company (NYSE:F) shares with value of $118,600 were sold by OJAKLI ZIAD S. $2.00M worth of Ford Motor Company (NYSE:F) was bought by FORD WILLIAM CLAY JR.

General Motors tumbled 3% intraday. Twin Tree L P holds 0% or 31,800 shares.

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