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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.

Honda recalling 1,400 units of 2016 Pilot to adjust seatbelts

Just as the new model starts arriving at dealers, Honda is already recalling the 2016 Pilot in order to adjust the third-row seatbelt positioning in some of them. The National Highway Traffic Safety Administration reports this campaign covers 1,358 vehicles. However, Honda asserts that only a tiny number of owners actually need to bring their crossover into their dealerships for repair. Honda discovered during quality checks at the factory that the third-row seatbelt could be trapped between the seat and the side of the vehicle. This could pose a safety issue to passengers back there. The affected examples have build dates between May 4, 2015, and June 5, 2015. Because the 2016 Pilots were just launching when this problem was discovered most of them were still at the factory, in transit, or at dealers. According to Honda, only 269 of the affected examples actually made it to owners. The automaker got in contact with these customers to reposition the seatbelt. There are still 20 left that need to be checked, and this issue isn't responsible for any reported crashes or injuries. RECALL Subject : Rear Seatbelt May Be Trapped Report Receipt Date: JUL 06, 2015 NHTSA Campaign Number: 15V424000 Component(s): SEAT BELTS Potential Number of Units Affected: 1,358 All Products Associated with this Recall Vehicle Make Model Model Year(s) HONDA PILOT 2016 Details Manufacturer: Honda (American Honda Motor Co.) SUMMARY: Honda (American Honda Motor Co.) is recalling certain model year 2016 Honda Pilot vehicles manufactured May 4, 2015, to June 5, 2015. Due to an assembly issue, the third row seatbelt may be trapped between the rear seat and the rear sideliner. CONSEQUENCE: If the third row seatbelt is trapped, the occupants may not be restrained properly, increasing the risk of injury. REMEDY: Honda will notify owners, and dealers will inspect and repair the rear third row seat belt, free of charge. The recall is expected to begin on August 6, 2015. Owners may contact Honda customer service at 1-310-783-2000. Honda's number for this recall is JS7. 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.

McLaren confirms Alonso, keeps Button

Every year a big game of musical chairs breaks out in the Formula One paddock, as some drivers try to hold on to their seats, some try to grab new ones and others are left without a seat for the following season. McLaren has been extremely reluctant to announce who would be sitting in its carbon-fiber seats next season, but it's finally spilled the beans. McLaren was strongly rumored to have hired Fernando Alonso for next season, speculation over which was all but confirmed when the two-time world champion announced his departure from Ferrari. He's now been officially confirmed to be returning to Woking for next season. But the bigger question over who would be his wingman has now been answered as well, as the team has decided to keep Jenson Button on board for at least one more season. Long regarded as a top driver, Button started out with Williams back in 2000, then spent a couple of seasons in Enstone with Renault before switching to Honda in 2003, finally winning the championship in 2009 when the team went out on its own as Brawn GP (now Mercedes). He switched to McLaren in 2010 to form a dream team with Lewis Hamilton (who in turn left for Mercedes last year), but though Jenson has been unable to rack up another world title, he's remained a favorite especially of Honda's, which returns to F1 next season to rekindle its once-dominant engine-supply partnership with McLaren. Alonso, meanwhile, made his grand prix debut with Minardi (now Toro Rosso) just one year after Button, then switched to Renault first as a test driver and then got the race seat, winning back-to-back world championships in 2005 and 2006. He subsequently spent one tumultuous season alongside Hamilton at McLaren before going back to Renault and then to Ferrari, which which he spent five years, scoring eleven checkered flags to finish in second place in the standings, three times. Alonso's signing and Button's retention spell bad news for Kevin Magnussen, the young Danish driver who got his start with McLaren earlier this season after winning the Formula Renault 3.5 Series title last year. With all the other seats already spoken for, Magnussen was left with no choice but to accept a test-driver role with McLaren in the hope that he might be promoted back again in the future. McLaren-Honda prepares for 2015: laying the foundations for future domination McLaren-Honda is delighted to announce its new driver line-up for 2015: Fernando Alonso and Jenson Button.