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Tata Motors’ subsidiary, Tata Passenger Electric Mobility Limited, recently announced that it has signed a Memorandum of Understanding (MoU) with the government of Gujarat to acquire Ford Motor's (F - Free Report) vehicle manufacturing facility set up by the company’s India Division in the city of Sanand.
The MoU between the three parties — the two companies and the government of Gujarat — includes the land, assets and all eligible employees working at the Sanand facility.
The pact is beneficial for all stakeholders involved and it will provide Tata Motors, which already has its manufacturing unit in Sanand, a boost in its passenger and electric vehicle production capacity.
Tata Motors intends to ramp up the output of the unit with an installed capacity of 300,000 units per annum, which will eventually be scaled up to 400,000 units. The takeover will ensure that there is no job loss and no adverse impact, which would have been imminent in case of a shutdown.
U.S. automaker Ford had closed its India production in September last year. The company owned less than 2% of shares of the passenger vehicle market in the country and was finding it difficult to churn out profits for more than two decades.
The Ford India division has decided to operate its powertrain manufacturing facilities by leasing back land and buildings of the powertrain unit from the Tata Motors unit.
Zacks Rank and Key Picks
Both TTM and F currently carry a Zacks Rank #3 (Hold).
Wabash National has an expected earnings growth rate of 239.3% for the current year. The Zacks Consensus Estimate for current-year earnings has been 2.7% upward in the past 30 days.
Wabash National’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. WNC pulled off a trailing four-quarter earnings surprise of 51.26%, on average. The stock has declined 6.4% over the past year.
Fox Factory has an expected earnings growth rate of 14.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 1% upward in the past 30 days.
Fox Factory’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. FOXF pulled off a trailing four-quarter earnings surprise of 10.18%, on average. The stock has declined 46.3% over the past year.
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Tata Motors (TTM) Inks MoU to Acquire Ford's (F) Gujarat Factory
Tata Motors’ subsidiary, Tata Passenger Electric Mobility Limited, recently announced that it has signed a Memorandum of Understanding (MoU) with the government of Gujarat to acquire Ford Motor's (F - Free Report) vehicle manufacturing facility set up by the company’s India Division in the city of Sanand.
The MoU between the three parties — the two companies and the government of Gujarat — includes the land, assets and all eligible employees working at the Sanand facility.
The pact is beneficial for all stakeholders involved and it will provide Tata Motors, which already has its manufacturing unit in Sanand, a boost in its passenger and electric vehicle production capacity.
Tata Motors intends to ramp up the output of the unit with an installed capacity of 300,000 units per annum, which will eventually be scaled up to 400,000 units. The takeover will ensure that there is no job loss and no adverse impact, which would have been imminent in case of a shutdown.
U.S. automaker Ford had closed its India production in September last year. The company owned less than 2% of shares of the passenger vehicle market in the country and was finding it difficult to churn out profits for more than two decades.
The Ford India division has decided to operate its powertrain manufacturing facilities by leasing back land and buildings of the powertrain unit from the Tata Motors unit.
Zacks Rank and Key Picks
Both TTM and F currently carry a Zacks Rank #3 (Hold).
Some better-ranked players in the auto space include Wabash National Corporation (WNC - Free Report) , carrying a Zacks Rank #1 (Strong Buy) and Fox Factory Holdings (FOXF - Free Report) , carrying a Zacks Rank #2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
Wabash National has an expected earnings growth rate of 239.3% for the current year. The Zacks Consensus Estimate for current-year earnings has been 2.7% upward in the past 30 days.
Wabash National’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. WNC pulled off a trailing four-quarter earnings surprise of 51.26%, on average. The stock has declined 6.4% over the past year.
Fox Factory has an expected earnings growth rate of 14.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 1% upward in the past 30 days.
Fox Factory’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. FOXF pulled off a trailing four-quarter earnings surprise of 10.18%, on average. The stock has declined 46.3% over the past year.