Toronto, Ontario — In this week’s auto industry roundup, software troubles with nearly 80,000 models in China are causing Tesla prices to dip further, while General Motors appears to be on the upswing with several new model launches on the way.
One Step Forward, One Step Back
Tesla’s stock price was dealt yet another blow late on Friday, when the electric vehicle giant was forced to recall 80,000 vehicles in China due to battery and seat belt-related issues, causing prices to dip further.
This recall means that 67,698 imported Model S and Model X Tesla vehicles, as well as about 10,000 domestically produced models, are due to receive over-the-air updates that are intended to fix a battery issue that could cause vehicles to stop suddenly.
The company’s stock was up 2 percent early Friday before dropping 0.2 percent to $182.86 per share during market trading.
Tesla shares are down about 20 percent for the month of November, however, experts forecast a potential upturn in stock price for the volatile EV developer in the coming weeks.
Headstart into the Holiday
General Motors announced that its stock values were up last week, showing a $0.69 per share, or 1.73 percent, increase compared to the week prior’s closing price.
Following a shortened week due to U.S.’s Thanksgiving holiday, GM saw its stock price rise from $39.77 to $40.46 per share, for the week of Nov. 21 to 24.
Setting aside minor decreases last week, GM has been riding on some considerable gains made in October, and the upcoming launches of the next-generation Chevrolet Equinox and GMC Terrain, as well as several other new model launches, are expected to play a factor in stock values going forward.
GM’s chief rival, on the other hand, reported a relatively stable week, as Ford closed with a per share increase of $0.09.
