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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.

Sony Honda EV venture's plan for online sales has dealers squirming

TOKYO/DETROIT — A new joint venture formed by Japan's Sony Group Corp and Honda Motor plans to introduce a premium electric vehicle later this decade, and the automaker's U.S. dealers are anxious to be part of the sales process. Sony Honda Mobility said on Thursday it was aiming to deliver the first of the unnamed EV by 2026, starting in the United States, and will sell them online. The success of Tesla at selling EVs without franchised dealers is putting pressure on established automakers to overhaul their retail networks. That leaves dealers across most brands concerned about their place in the changing world and whether profits will be squeezed. The online aspect of the Sony Honda plan, as well as the lack of details around how the vehicle will be sold and serviced, has raised questions with the Honda and Acura brand dealers. Many nonetheless expect Honda to work through the existing retail network. "These issues are certainly a concern," said Brian Benstock, general manager and vice president of Paragon Honda and Paragon Acura in Queens, New York. "The best path forward is with the dealers." "We have a role (automakers) can't replicate," said Benstock, who also is on the Acura national dealer advisory board and has spoken with Honda officials about the new vehicle. "There's no way that Honda wants to hurt their existing dealer body." Some dealers questioned why Honda would even consider trying to work outside the current U.S. sales network given its national reach. Honda has about 1,100 Honda dealers and 270 Acura dealers. A Honda spokesperson referred questions about the joint venture to the new company. Sony Honda spokesperson Mai Nagadome said there are still a lot of details to finalize, but selling through the dealers has not been ruled out and customers would feel uneasy without some kind of after-sales service process. "The cost of continuing to develop (internal combustion engine) products along with EVs and autonomous tech and software for the next generation vehicles is proving to be quite the challenge," said Peter Hennessy, dealer principal of Atlanta-based Hennessy Automobile Companies, which includes a Honda store. "I get teaming up with Sony, but it should be done in conjunction with the dealer network, not outside it," he added.

Most American Cars | Honda Makes the Top 10 List

The car built with the most American/Canadian parts content is the 2021 Ford Mustang GT – with the manual transmission, specifically, no less – giving Ford a second consecutive year atop the American University Kogod Business School annual "Made in America Auto Index. We already knew that it doesn't get much more American than a V8 pony car, but now we've got the numbers to prove it.  Ford's iconic coupe takes the number one slot pretty convincingly this year, with 88.5% of its components coming from U.S. or Canadian sources. Appropriately, though perhaps confusingly, 21 models made the top 10 list in 2021. As you may have surmised, this is the result of multiple ties. Note also that many models appear more than once to account for variants built with parts from different sources. The top-ranked Mustang is a perfect example; The automatic drops into into a tie for 10th, right next to the EcoBoost model and Ram's 1500 Classic with the 3.6L V6.  The "America" theme runs pretty strongly through the top "10," with the Chevrolet Corvette sitting pretty in second place, followed by all three variants of Tesla's Model 3 electric car. Honda also makes several appearances thanks to its rather significant U.S. manufacturing footprint. Here are the 21 vehicles that make up the top 10 this year – don't worry, it feels just as weird to type as it does to read. Last year's winner, the midsize Ford Ranger pickup, cratered to 16th place, dropping from 70% American parts content to just 45%. Keep in mind, however, that the pandemic has forced automakers to source parts outside of their normal supply chains, and such drops should be taken with a grain of salt. Kogod noted that the overall proportions of content between manufacturers remained relatively unchanged despite what appear to be significant shake-ups such as this one.  "While the trend TDC for cars assembled in the US is consistent over time, both Daimler and Subaru saw significant drops in their average US content," the summary said. "This may be the result of US shortages of parts and components as the impacts of the covid pandemic created significant disruptions in automotive supply chains." Watch Ford Build a Bronco: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.