Auto stocks continue to trend heavily after last week’s earnings report from Tesla. As a result, there was a lot of auto news to recap today. 📰
First up, Toyota Motors managed to defend its title as the world’s top-selling automaker for the third straight year…despite falling sales. The company sold 10.5 million vehicles in 2022, with Volkswagen Group behind it at 8.3 million vehicles. 🏆
Next, Renault and Nissan agreed to a sweeping restructuring of the alliance they’ve had in place since 1999. Renault is set to transfer 28.4% of Nissan shares into a French trust, reducing its stake from 43% to 15%. While Renault would still receive the economic benefit of these shares, its voting rights would be discarded for most corporate decisions. The move equalizes the companies’ cross-share holdings and gives them each the ability to freely exercise the voting rights of their 15% direct shareholdings. 🗳️
Thirdly, Tesla continues to lead the charge in the electric vehicle space as competitors look to follow its lead. After Tesla’s recent price cuts, Ford is now increasing production and cutting prices on its electric Mustang Mach-E crossover to improve affordability and spur demand.
This likely isn’t the last time we see something like this, as the industry’s global players continue competing fiercely for customers. 🔻
Lastly, the short squeeze in Carvana continues, with shares rising another 28% today. 📈
Auto names like $LCID, $TSLA, $CVNA, $PEV, and more continue to trend regularly and will be a highlight of earnings season as they report. 👀