2 Automakers Making Big Moves Today
After sliding Monday, the Dow Jones Industrial Average is trading more than 234 points higher today, up 1.45%, by midafternoon. The market's recovery could partially be due to reduced tensions surrounding Russia and Ukraine after the former pulled troops back to their bases following military exercises near the border. While keeping an eye on global tensions is important, investors would be wise to take the market's daily volatility with a grain of salt and keep a long-term perspective. With that in mind, here are a few companies making headlines in the market today.
There's no question Tesla has been one of the hottest stories on Wall Street over the last year, and the young electric automaker plans to keep momentum strong with growth overseas. Tesla announced plans today to open more than 30 service centers and stores across Europe to help serve an ever-growing customer base.
Tesla CEO Elon Musk said he remains optimistic about the company's Supercharger network in Europe. "By the end of this year, we expect you will be able to travel almost anywhere in Europe using only Superchargers," Tusk said in a press release.
So far the vast majority of Model S sales have been in North America, but Tesla expects that at the end of 2014 sales in Europe and Asia will be double the number sales of North America. That would set 2015 up to be quite a year for the company with soaring global sales of the Model S, assuming demand remains, and production ramping up on its Model X.
In other automotive news, Fiat Chrysler Automobiles' Chrysler Group unveiled its 2015 Jeep Renegade today at the Geneva Motor Show. This is a significant move for investors curious about the Chrysler and Fiat duo going public in the near future.
TheJeep brand is booming in the U.S. market, with sales surging 47% last month, and the 2015 Renegade is the first commercial Jeep designed for sale across the globe. That could be a huge step to improving the company's overall profitability as SUVs can bring in higher transaction prices and margins. While the Renegade won't be priced at a premium, the company plans to use it as an entry model aimed at bumping up consumers to more expensive models later in their purchasing lives. The Renegade is designed to attract buyers in Europe, Latin America, and Asia, but will also go on sale in the U.S. early next year.
2 automakers poised for strong growth
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The article 2 Automakers Making Big Moves Today originally appeared on Fool.com.Daniel Miller has no position in any stocks mentioned. The Motley Fool recommends Tesla Motors. The Motley Fool owns shares of Tesla Motors. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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