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GM to offer U.S. Buick dealers buyouts

General Motors Co said Friday it will offer all of its estimated 2,000 U.S. Buick franchise dealers buyouts as it moves to make the brand all-electric by 2030 in the United States. The Wall Street Journal reported the news earlier, quoting Global Buick chief Duncan Aldred who is set to discuss the plans with dealers Friday in a virtual meeting. He noted shifting to EVs will require significant investments by Buick dealers. "So if they want to exit the Buick franchise, then we will give them monetary assistance to do so," Aldred told the newspaper. Buick said in June it plans to introduce its first EV in 2024, but did not provide specifics. "The future dealer requirements are a logical and necessary next step on our path towards electrification to ensure our dealers are prepared to properly sell and service these unique vehicles," a GM spokeswoman told Reuters Friday. Last year, GM's Cadillac brand said it had thinned its dealer network as it shifts to EVs, saying it has nearly 40% fewer U.S. dealers than in 2018. GM booked a total of $274 million in costs during 2020 and 2021 related to the effort to buy out Cadillac dealers who were not prepared to invest $200,000 to $500,000 per store in the equipment and training to support the brand's shift to an all-electric vehicle lineup, planned by 2030. Buick traces its roots back nearly 120 years — five years before GM's 1908 founding — to an era when electric cars briefly outsold gasoline models in the United States. All Buicks sold back then were gasoline-powered. Future Buick electric vehicles in the United States and China will carry the Electra name, which dates back more than 60 years, along with an alphanumeric designator. (Reporting by David Shepardson) Related video:

Mixed sales results, but automaker stocks rise on need for cars in Houston

DETROIT — The Big Three Detroit automakers on Friday reported better-than-expected August sales and issued optimistic outlooks for demand as residents of the Houston area replace flood-damaged cars and trucks after Hurricane Harvey, sending their stocks higher. General Motors, Ford and Fiat Chrysler posted mixed August U.S. sales, with GM up 7.5 percent and Ford and Fiat Chrysler down. Japanese automaker Toyota improved sales by nearly 7 percent, while Honda fell 2.4 percent. Still, analysts focused on the potential for Detroit automakers to cut inventories and stabilize used vehicle prices as residents of Houston, the fourth largest city in the United States, are forced to replace tens of thousands, perhaps hundreds of thousands, of vehicles after the devastation from Hurricane Harvey. Mark LaNeve, Ford's U.S. sales chief, told analysts on Friday that following Hurricane Katrina in 2005 "we saw a very dramatic snapback" in demand. That said, Ford sales fell 2.1 percent in August. It sold 209,897 vehicles in the United States, compared with 214,482 a year earlier. Sales were down 1.9 percent in the Ford division and off 5.8 percent at Lincoln. Demand was down for cars, crossovers and SUVs. It was not clear how many vehicles in the Houston area will be scrapped, LaNeve said, saying he had seen estimates ranging from 200,000 to 400,000 to 1 million. Ford's Houston dealers may have lost fewer than 5,000 vehicles in inventory, he said. Ford is the No. 1 automaker in the Houston market, with 18 percent share, according to IHS Markit. The company plans to ship used vehicles to Houston dealers and has "every indication we would have to add some production" of new vehicles to meet demand, LaNeve said. Investor concerns about inventories of unsold vehicles and falling used car prices have weighed on Detroit automakers' shares most of this year. Now, automakers can anticipate a jolt of demand from a big market that is a stronghold for Detroit brand trucks and SUVs. "It's got to be a positive for the industry," LaNeve said. Investors appeared to agree. GM shares rose as much as 3.3 percent to their highest since early March. Ford increased 2.8 percent at $11.34, and Fiat Chrysler's U.S.-traded shares were up 5.2 percent $15.91, hitting their highest in more than five years. GM reported a 7.5 percent increase in U.S. auto sales in August, helped by robust sales of crossovers across its four brands.

2021 Buick Envision fuel economy revealed

Despite being revealed a few months ago, the 2021 Buick Envision has been lacking in in-depth details. But thanks to the EPA, we have a bit more information on the luxury crossover, specifically fuel economy. And it seems the new model is significantly more efficient than its predecessor. The only powertrain combination we have numbers for at the moment is the turbocharged engine with all-wheel drive. The Envision is expected to have a front-wheel-drive version, too, though an example with the old model's naturally aspirated four-cylinder is probably long gone. As for the turbo, all-wheel-drive Envision, it will get 22 mpg in the city, 29 on the highway, and 25 combined. That's the exact same as the old naturally aspirated, front-drive Envision, and it's an improvement of 2 mpg in town, 4 on the highway and 3 in combined driving over the previous turbo, all-wheel-drive version. As an extra bonus, the EPA notes that the new turbo Envision runs on regular gasoline, rather than premium like the old Envision. So not only will it use less gas, what it uses costs less. We're expecting the new Envision to go on sale early next year. While we know that the Envision will have a turbocharged engine, and the naturally aspirated one is probably discontinued, we don't know which engine it is. It could be an updated version of the old engine, which made 252 horsepower and 295 pound-feet of torque, or it could be the engine from the Cadillac XT4, which makes 230 horsepower and 258 pound-feet of torque. The latter seems more likely, since the XT4 gets similar fuel economy. A nine-speed automatic and front-wheel drive or all-wheel drive are also planned for the crossover. Related Video: