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Major automakers post mixed US June sales figures

General Motors, Ford and Fiat Chrysler Automobiles NV posted declines in US new vehicle sales for June on Monday, while major Japanese automakers reported stronger figures. Once again, demand for pickup trucks and crossovers offset a decline in sedan sales. Automakers' shares rose as overall industry sales still came in above Wall Street expectations. The US auto industry is bracing for a downturn after hitting a record 17.55 million new vehicles sold in 2016. Analysts had predicted that overall, US vehicle sales would fall in June for the fourth consecutive month. As the market has shown signs of cooling, automakers have hiked discounts and loosened lending terms. Car shopping website Edmunds said on Monday the average length of a car loan reached an all-time high of 69.3 months in June. "It's financially risky, leaving borrowers exposed to being upside down on their vehicles for a large chunk of their loans," said Jessica Caldwell, Edmunds' executive director of industry analysis. GM said its sales fell about 5 percent versus June 2016, but that the industry would see stronger sales in the second half of 2017 versus the first half. "Under the current economic conditions, we anticipate US retail vehicle sales will remain strong for the foreseeable future." GM shares were up 2.4 percent in morning trading, while Ford rose 3.3 percent and FCA shares jumped 6 percent. "US total sales are moderating due to an industry-wide pullback in daily rental sales, but key US economic fundamentals clearly remain positive," said GM chief economist Mustafa Mohatarem. "Under the current economic conditions, we anticipate US retail vehicle sales will remain strong for the foreseeable future." Ford said its sales for June were hit by lower fleet sales to rental agencies, businesses, and government entities, which fell 13.9 percent, while sales to consumers were flat. But it sold a record 406,464 SUVs in the first half of the year, with Explorer sales increasing 23 percent in June. And sales of the F-150 had their strongest June since 2001. On a media call, Ford executives said an initial read of automakers' sales figures indicated a seasonally adjusted annualized rate of around 17 million new vehicles for the month, which would be better than 16.6 million units analysts had predicted. FCA said June sales decreased 7 percent versus the same month a year earlier.

Honda reports $1.9 billion profit in first quarter despite sales lag at home

Ford, General Motors and Chrysler have been living in a world of sunshine and buttercups after their April-through-June financials hit the newswire, and Toyota is doing pretty good as well. Honda? Not so much.
While Japan's third-largest manufacturer saw $1.9 billion in profits, the 5.1-percent jump was lower than expected thanks to a drop in its home-market sales. US sales also took a sting, as Honda hasn't been able to match the SUV and truck demand that are currently permeating the American market, despite an uptick in Accord sales.
Honda's initial forecasts targeted a take of 209.3 billion yen ($2.1 billion at today's rates), and while a $200 million shortfall is nothing to sniff at, we'd hardly take this as Honda being in trouble. And even with the dip, Honda hasn't adjusted its forecast for the fiscal year, which remains at 780 billion yen ($7.9 billion).

22,000 Honda Shadow 750 motorcycles recalled [UPDATE]

Update: Honda's statement on the recall is now embedded below. The Basics: Honda will recall 22,142 examples of its 2010-2016 VT750 Shadow motorcycles, including the 2012-2014 VT750CA, VT750C2 and VT750C2F; 2011-2016 VT750C; 2013-2016 VT750CS; 2010-2016 VT750C2B; and 2013-2014 VT750C2S. The Problem: Engine vibration can cause a wire for the bank angle sensor to rub against the joint connector on the wire harness. This can eventually cause a loss of the signal, and the engine could stall. Injuries/Deaths: None reported. The Fix: Dealers will replace the bank angle sensor and move the joint connector. If You Own One: Honda expects the recall to begin February 19. More Information: Documents from the National Highway Traffic Safety Administration (as a PDF) report Honda received five warranty claims and five field reports about this issue as of December 14, 2015. Related Video: RECALL Subject : Engine Stall from Loss of Sensor Signal Report Receipt Date: DEC 23, 2015 NHTSA Campaign Number: 15V874000 Component(s): ELECTRICAL SYSTEM Potential Number of Units Affected: 22,142 All Products Associated with this Recall Vehicle Make Model Model Year(s) HONDA VT750 2010-2016 Details Manufacturer: Honda (American Honda Motor Co.) SUMMARY: Honda (American Honda Motor Co.) is recalling certain model year 2012-2014 VT750CA, VT750C2 and VT750C2F, 2011-2016 VT750C, 2013-2016 VT750CS, 2010-2016 VT750C2B and 2013-2014 VT750C2S motorcycles. Engine vibration may cause the bank angle sensor wire to rub on the wire harness joint connector, resulting in a loss of the sensor signal. CONSEQUENCE: Without the bank angle sensor signal, the engine may stall while riding, increasing the risk of a crash. REMEDY: Honda will notify owners, and dealers will relocate the joint connector and replace the bank angle sensor, free of charge. The recall is expected to begin February 19, 2016. Owners may contact Honda Motorcycle customer service at 1-866-784-1870. Honda's number for this recall is JW7. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov. American Honda Statement on VT750 Recall Honda has issued a Safety Recall of some 2010-2016 model-year VT750 motorcycles. It is possible that long term exposure to engine vibrations may cause the bank angle sensor wiring to break, or be damaged, which could cause the engine to stall and increase the risk of a crash.