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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.

Despite strong profits, GM still fighting flat market share

Looking at the progress General Motors has made since it entered bankruptcy, it's easy to forget that the company still has a long way to go before it's the juggernaut it once was. A recent report from Reuters points out that, while GM is making money, it isn't making any gains in terms of US market share. Quite the opposite, really. Consider this factoid: In 1963, nearly half of the cars sold in the United States were from Chevrolet, Cadillac, Buick, GMC or Pontiac. Now, the company's US market share is stagnant at 17.9 percent. That same number is half of just Chevy's 1963 market share. This is all despite GM going on a binge replacing or updating its models. "Market share increases are not instantaneous," Mark Reuss told Reuters at the 2014 Detroit Auto Show. "We've got a lot of baggage. Don't underestimate what people though of us, or these brands, through these hardships and 30 years." The reasons for the stagnant market share are numerous. Reuters points out that retooling of factories and a focus on limiting incentives are both good things for profit, but not necessarily for market share. There's also the troubling turnover of the brand's marketing department. These issues don't change the fact that Chevrolet has lost 1.4 percent of its market share in two years, and that Cadillac - arguably GM's most improved brand overall - has lost 1.2 percent in the same period. Part of that can be blamed on GM's avoidance of fleet sales in favor of more profitable customer sales. "Our focus has really been on retail and that's where we've got the growth," said Alan Batey, GM's interim global marketing boss. "We want to grow GM and that means growing market share and profits, but it's not at all costs," Reuss said. News Source: ReutersImage Credit: paul bica - Flickr CC 2.0 Earnings/Financials Buick Cadillac GM GMC sales profits

Cadillac CT4 and CT5 get meaningful updates for 2021

It's common for vehicles to get an update here or there in between full redesigns every five or six years, but the changes being made for the 2021 Cadillac CT4 and CT5, each just introduced last year, represent more than just a little nip and tuck. For starters, Cadillac's excellent Super Cruise will show up on the options sheets for the two sedans early next year in Enhanced form with with Lane Change on Demand functionality. Super Cruise will be offered on Premium Luxury and V-Series trims only. As we already knew thanks to early order guides, a new 12-inch digital instrument cluster that features driver-selectable themes is also on the menu for 2021. A traditional Tour theme is probably what most drivers will default to, while a Sport theme will likely include red accents and performance-monitoring readouts and a Stealth theme will offer minimal information and what we'd guess are non-distracting colors. CT4-V and CT5-V models will get an exclusive Track theme. New for the CT5 Sport trim level is a V Performance package that adds upgraded suspension bits, Magnetic Ride Control and a mechanical limited-slip differential. V Performance front brake calipers from Brembo are also optional on Sport models. Additionally, a new Diamond Sky special edition package will be offered on Premium Luxury CT4 and CT5 models, adding interior and exterior styling upgrades along with all-season run-flat tires on unique wheels. The package also gets the aforementioned V Performance brakes. Additional updates include wireless Apple CarPlay and Android Auto, SiriusXM with 360L with more than 200 live SiriusXM channels and on-demand programming choices, and a console-mounted rotary infotainment knob that enables left and right clicks to more easily navigate the CUE infotainment system. Buckle to Drive will come enabled from the factory (it can be disabled after purchase) and won't allow the driver to shift into drive unless the seatbelt is buckled. A Teen Driver mode will encourage safe driving from — you guessed it — teens. Forward collision alert, front pedestrian braking, automatic emergency braking and the patented haptic Safety Alert Seat are now standard equipment across the board for both sedans. Check out the image gallery above to see many of the updates, including Super Cruise, the digital instrument cluster and the Diamond Sky edition. Related Video: