Ferrari is officially launching its initial public offering on the New York Stock Exchange, where it will be listed under the symbol RACE.
Sergio Marchionne figures Ferrari is worth $11 billion. Yes, that's right: billion, with a B. And we'll soon find out as the company's IPO is just around the corner.
Israel-based vehicle safety technology company Mobileye (NYSE: MBLY) has successfully launched its Initial Public Offering on the New York Stock Exchange, raising approximately $890 million to value the company at a reported $5.3 billion.
When we want to know how a car company is doing, one thing we typically look at is how many cars it's selling. That means Toyota is the largest, General Motors the second, followed by Volkswagen, then down the line. But there are other metrics by which to evaluate how an automaker is doing. That, in the case of publicly-traded companies like GM, is stock price. And the General seems to be doing pretty well.
After 25 years and having been a member since the CAC 40's inception in 1987, on September 24, French carmaker Peugeot will be officially delisted from France's benchmark stock index. The CAC 40 is a collection of the 40 companies with the "most significant values" among the top 100 firms by market capitalizations listed on Euronext Paris (the French stock market). Peugeot has been struggling, and that's putting it kindly. With a first-half loss this year of €819 million ($1.047B U.S.), its
In spite of General Motors standing poised to retake the top sales spot, Chevrolet perhaps breaking its all-time sales record, and an anticipated Buick and two new Cadillac models coming, GM's stock price got beat like a goat in 2011. On January 2, 2011 the stock traded at $37.06, on January 2, 2012, it hovered a few dimes above $20, making GM the worst-performing auto-industry stock of 2011: with a 46.1-percent drop, it edged out Cooper Tire (-41.7), TRW Automotive (-40) and Ford (-37.3).
With both evidence and speculation mounting that General Motors and Tier-1 supplier Visteon Corp. have bleak futures, both companies' stock shares continue to get hammered, with GM's shares trading as low as $1.40 Friday morning and Visteon dropping from 7 cents to 2 cents on Thursday. For GM, that's its lowest price since May 23, 1933, and the price for Visteon is so low that the New York Stock Exchange delisted it – its last day on the exchange was yesterday.
Brilliance China Automotive Holdings, Inc., front-and-center in the news of late thanks to a disastrous performance by its BS6 sedan in German crash tests last month, has announced that it's delisting its American Depositary Shares from the New York Stock Exchange. Brilliance is making its exit due to a decline in trading volume and an uptick in related administrative costs.
An analyst from Merrill Lynch had good things to say about General Motors' future prospects, and the automaker's stock leaped nearly 10 percent on the news, closing at $26.51-- a substantial increase over its recent low of $18.33, but still a long ways away from the Kerkorian-fueled high of $37.70.
Tier-1 automotive parts supplier Dana Corp. announced Monday that is discussing financing issues with banks and lenders, with hopes of coming up with a plan within a two-week timeframe.