Auto Stock Roundup: Fiat Chrysler-PSA Merger, Ford-UAW Deal & More
Zacks Investment Research | Nov 06, 2019 10:06PM ET
U.S. light-vehicle sales scaled up 2.5% year over year in October, with total sales coming in at 748,744. Japan’s auto biggie Honda Motor’s U.S. sales rose 7.6% year over year in the month, aided by higher deliveries of light trucks. Meanwhile, Japan’s largest car manufacturer Toyota Motor’s (NYSE:TM) sales declined for the second month in a row amid soft car and truck deliveries. Nissan’s sales also dropped for the fourth time in the past five months. Conversely, Hyundai’s sales in the United States rose 7.60% year over year on the back of high demand for crossovers.
Fiat Chrysler (NYSE:F) and PSA Groupe officially announced their intention to merge and a binding MoU is expected to be reached in the coming weeks. In this era of sustainable mobility, such mergers are essential for the auto industry that is facing an expensive upheaval, in an attempt to shift away from fossil fuels toward battery EVs and autonomous technology.
Meanwhile, with General Motors’ (NYSE:GM) workers approving the proposed labor contract to end the 40-day strike, United Automobile Workers (“UAW”) union bargainers have used it as a template for negotiations with Ford (NYSE:F) as well. The union’s latest deal with Ford largely mirrors the UAW-General Motors contract, with certain exceptions.
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