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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.

2015 GMC Yukon Denali

Automotive enthusiasts often wonder aloud - ourselves included - why General Motors would choose to keep GMC while sending Pontiac (and Saturn, and even Oldsmobile before it) into the great automotive graveyard in the sky. The answer, as is so often the case, is profit. It's much easier for GM to rake in money hand over fist by rejiggering the trucks, crossovers and SUVs that it would already be developing for Chevrolet and making them a bit more luxurious and *ahem* "Professional Grade" with new grilles, badges and unique packaging for GMC.
While it may sound like we're being cynical, we totally approve of GM's fullsize SUV strategy. The least-expensive way to get into the fold is with the Chevrolet Tahoe, which starts at $45,595 with a 5.3-liter V8 engine and a cloth interior. Bumping that same Chevy to LTZ trim and its $59,995 sticker price lands a much nicer leather-clad interior and more techno-bells and whistles than you can shake a stick at. But it still looks like a Tahoe, and it still comes with the smaller 5.3-liter engine. Or, you could do what we'd do: Walk into your GMC dealer and take a look at the Yukon Denali. Here's why.
Driving Notes

2023 GMC Canyon revealed with new ZR2-based AT4X trim

Following up on the reveal of its twin, the Chevy Colorado, the 2023 GMC Canyon has made its appearance. Naturally, it shares much with the Chevy pickup, but GMC has gone to greater lengths to differentiate the truck. It comes standard with the high-output engine, all versions feature the wide-track suspension setup, and in addition to the now more luxurious Denali, there's a ZR2-based AT4X trim. As with the new Colorado, the Canyon gets an overhaul of the design. It's down to one bed and cab configuration (short-bed, crew cab), and it features a longer wheelbase with the front axle pushed forward. The Canyon does get a variety of unique design features, though. It has its own front fascia with a tall, rectangular grille. LED lighting is standard on all Canyon models all the way around. That includes the unique fender lights like those found on the Sierra HD. All Canyons also feature the wide-track off-road suspension like the Colorado Z71 and Trail Boss. There are no narrow-track, narrow-body versions, even on the base two-wheel-drive Elevation. That suspension also means all Canyons have a roughly two-inch lift over base Chevy Colorados. The GMCs also get standard 32-inch tires, and they don't feature a front air dam in order to provide better approach angles. The bed, while only available in one trim, is available with a unique storage bin in the tailgate. On the topic of suspension specs, the Elevation and AT4 trim levels have 9.6 inches of ground clearance. The Denali increases that to 10.5 inches, and the AT4X features 10.6 inches. It also picks up the Multimatic spool-valve shocks from the ZR2. But we'll talk more about what comes on the AT4X in a bit. Under the hood of the Canyon is just one engine. It gets the highest-output version of the 2.7-liter turbocharged four-cylinder. The engine makes 310 horsepower and 430 pound-feet of torque. The only transmission is an eight-speed automatic. Two-wheel drive comes standard on Elevation, and other trims come standard with four-wheel drive. The inside of the Canyon is very similar to the Colorado, but it has some unique cues. It has air vents that are more integrated into the squared-off dashboard design, rather than the Chevy's round vents. It has a differently shaped dash pad and trim surrounds, too. The really big differences come on the Denali and AT4X trims, though. The Denali features real wood trim with laser etchings. It also gets lots of real leather and fancy stitching.