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Auto sales in March and first quarter down nearly across the board

Nearly every major automaker reported weak U.S. sales for March and the first quarter of 2019, citing a rough start to the year, but said a robust economy and strong labor market should encourage consumers to buy more vehicles as 2019 rolls on. GM, which no longer releases monthly sales figures, saw first-quarter sales fall 7 percent, with declines across all brands. Sales of Silverado pickup trucks fell nearly 16 percent and the high-margin Chevy Suburban large SUV dropped 25 percent. Ford also no longer releases monthly sales numbers, but is due to release its first-quarter sales figures on Thursday. According to industry data, Ford's sales fell 2 percent in the quarter and 5 percent in March. Ford representatives did not immediately respond to requests for comment. FCA reported a 7 percent fall in U.S. sales in March and a 3 percent drop for the first quarter. All of FCA's brands dropped in March, except for Ram, which saw a 15 percent increase in pickup truck sales. "The industry had a tough first quarter, but with spring finally starting to show its face and continued strong economic indicators ... we are confident that new vehicle sales demand will strengthen going forward," FCA's U.S. head of sales, Reid Bigland, said in a statement. Toyota reported a 3.5 percent fall in U.S. sales in March and 5 percent for the first quarter, hurt by declining demand for its Corolla sedans and Camry vehicles. "While some of our competitors are abandoning sedans, we remain optimistic about the future of the segment," Toyota said in a statement. Nissan posted a 5.3 percent drop in sales in March, and its first-quarter sales were down 11.6 percent. Honda and Hyundai bucked the trend. Honda's U.S. sales rose 4.3 percent in March and 2 percent in the quarter, while Hyundai's were up 1.7 percent and 2.1 percent, respectively. Passenger-car sales suffered throughout the January-March quarter compared with the same period in 2018 as Americans continued to abandon them in favor of larger, more comfortable pickup trucks and SUVs, which are far more profitable for automakers. The battle for market share in the particularly lucrative large-pickup truck market intensified in the quarter, as Fiat Chrysler Automobiles' Ram brand outsold the U.S.' No. 1 automaker General Motors' Chevrolet-brand trucks. The two automakers have both launched redesigned pickup trucks.

Frustrated GM investors ask what more Mary Barra can do

DETROIT — General Motors Co Chief Executive Mary Barra has transformed the No. 1 U.S. automaker in her almost five years in charge, but that is still not enough to satisfy investors. Ahead of third-quarter results due on Oct. 31, GM shares are trading about 6 percent below the $33 per share price at which they launched in 2010 in a post-bankruptcy initial public offering. The Detroit carmaker's stock is down 22 percent since Barra took over in January 2014. After hitting an all-time high of $46.48 on Oct. 24, 2017, the shares have declined 33 percent. In the same period, the Standard & Poor's 500 index has climbed 7.8 percent. Several shareholders contacted by Reuters said GM could face a third major action by activist shareholders in less than four years if the share price does not improve. "I've been expecting it," said John Levin, chairman of Levin Capital Strategies. "It just seems a tempting morsel to somebody." Levin's firm owns more than seven million GM shares. Barra has guided the company through the settlement of a federal criminal probe of a mishandled safety recall, sold off money-losing European operations, and returned $25 billion to shareholders through dividends and stock buybacks from 2012 through 2017. GM declined to comment for this story, but the company's executives privately express frustration with the market's reluctance to see it as anything more than a manufacturer tied mainly to auto market sales cycles. GM's profitable North American truck and SUV business and its money-making China operations are valued at just $14 billion, excluding the value of GM's stake in its $14.6 billion Cruise automated vehicle business and its cash reserves from its $44 billion market capitalization. The recent slump in the Chinese market, GM's largest, and plateauing U.S. demand are ratcheting up the pressure. GM is one of the few global automakers without a founding family or a government to serve as a bulwark against corporate raiders. In 2015, a group led by investor Harry Wilson pressed GM to launch a $5 billion share buyback, and commit to what is now an $18 billion ceiling on the level of cash the company would hold. In 2017, GM fended off a call by hedge fund manager David Einhorn to split its common stock shares into two classes. Einhorn, whose firm still owned more than 21 million shares at the end of June, declined to comment about GM's stock price. Other investors said there were no clear alternatives to Barra's approach.

GMC unveiling 2021 Yukon, Yukon XL on January 14

UPDATE: We received a reply back from a representative at GMC confirming that the new Yukon will be revealed on January 14. The text has been updated to reflect this. General Motors is renewing its body-on-frame SUVs, and GMC's Yukon is next in line to receive a full makeover. It's scheduled to break cover on January 14 alongside the long-wheelbase Yukon XL. It's reasonable to assume we would have gotten our first glimpse at the next Yukon during the 2020 Detroit Auto Show had the event not moved to June. The new date is too close to the model's on-sale date, so GMC will unveil it during a standalone event held in Vail, Colorado, according to GM Authority. We reached out to GMC, and a representative confirmed that is indeed the reveal date for the full-size SUV. Spy shots suggest stylists took GMC's two biggest SUVs in a sharper, bolder direction. Both models share the same front end, which borrows styling cues like C-shaped headlights from the Sierra pickup. Brand-specific rear lights help the Yukon models stand out from their Chevrolet-badged siblings, the Tahoe and the Suburban, which hasn't always been the case. The standard Yukon and the Yukon XL will each grow in size, though there's no indication GMC's naming structure will change to reflect that; Yukon XXL admittedly doesn't have much of a ring to it. While we haven't seen the interior yet, we expect it's getting a generous serving of technology, including a new, touchscreen-based infotainment system. The larger exterior dimensions will clear up more space for people and gear, so average-sized adults will be able to fit in the third-row seats. The range-topping Denali variants of both models will return to satisfy those who crave sumptuousness. The sheet metal will hide much of the same hardware found under the Tahoe/Suburban duo, including an independent rear suspension added in the name of comfort and handling. Powertrain specifications should carry over, too, meaning the entry-level engine will be a 5.3-liter V8 rated at 355 horsepower and 383 pound-feet of torque. The list of options will include a 6.2-liter V8 with 420 horsepower on tap, and we're betting the straight-six turbodiesel available on the Bowtie-badged SUVs will also be offered at an extra cost. Rear-wheel drive and a 10-speed automatic transmission will come standard, and buyers will be able to pay extra for four-wheel drive. The next GMC Yukon and Yukon XL will go on sale halfway through 2020 as 2021 models.