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The next steps automakers could take after sales drop again in April

DETROIT (Reuters) - Major automakers on Tuesday posted declines in U.S. new vehicle sales for April in a sign the long boom cycle that lifted the American auto industry to record sales last year is losing steam, sending carmaker stocks down. The drop in sales versus April 2016 came on the heels of a disappointing March, which automakers had shrugged off as just a bad month. But two straight weak months has heightened Wall Street worries the cyclical industry is on a downward swing after a nearly uninterrupted boom since the Great Recession's end in 2010. Auto sales were a drag on U.S. first-quarter gross domestic product, with the economy growing at an annual rate of just 0.7 percent according to an advance estimate published by the Commerce Department last Friday. Excluding the auto sector the GDP growth rate would have been 1.2 percent. Industry consultant Autodata put the industry's seasonally adjusted annualized rate of sales at 16.88 million units for April, below the average of 17.2 million units predicted by analysts polled by Reuters. General Motors Co shares fell 2.9 percent while Ford Motor Co slid 4.3 percent and Fiat Chrysler Automobiles NV's U.S.-traded shares tumbled 4.2 percent. The U.S. auto industry faces multiple challenges. Sales are slipping and vehicle inventory levels have risen even as carmakers have hiked discounts to lure customers. A flood of used vehicles from the boom cycle are increasingly competing with new cars. The question for automakers: How much and for how long to curtail production this summer, which will result in worker layoffs? To bring down stocks of unsold vehicles, the Detroit automakers need to cut production, and offer more discounts without creating "an incentives war," said Mark Wakefield, head of the North American automotive practice for AlixPartners in Southfield, Michigan. "We see multiple weeks (of production) being taken out on the car side," he said, "and some softness on the truck side." Rival automakers will be watching each other to see if one is cutting prices to gain market share from another, he said, instead of just clearing inventory. INVESTORS DIGEST BAD NEWS Just last week GM reported a record first-quarter profit, but that had almost zero impact on the automaker's stock. The iconic carmaker, whose own interest was once conflated with that of America's, has slipped behind luxury carmaker Tesla Inc in terms of valuation.

2023 Lexus LC 500 and LC 500h get updated suspension system

Lexus is making a handful of changes to the LC for the 2023 model year. Again offered as a coupe and as a convertible, the firm's range topper gets an updated suspension system and a new paint color, among other changes, and it costs slightly more than the 2022 model. The most significant changes for 2023 are invisible to the naked eye. Lexus notes its engineers optimized the front and rear suspension to "enhance ground contact feel, linear steering response, and steering effectiveness in the high cornering G range." While the LC is more of a grand tourer than a track-ready sports car, these updates should make it more engaging to drive on a twisty road than the 2022 model. Buyers who prioritize handling can order an optional Sport Package that bundles a limited-slip differential, Yamaha performance dampers, performance brake pads, and Alcantara upholstery. While the package isn't new, it gains 21-inch forged alloy wheels for 2023. The only other visual change is a new color called Cloudburst Gray that Lexus charges $500 for. It bumps the number of available colors up to nine. Finally, every 2023 LC offers a 10-year subscription to the company's connected services. The drop-top LC also benefits from these updates, and it receives a lighter soft top as well as an optional feature called Climate Concierge that adds a few weeks to convertible season by keeping each passenger's upper body warm. The function can even direct warm or cold air to the back of the driver's hands. Lexus is not making mechanical changes to the LC for 2023. Power for the LC 500 comes from a naturally-aspirated, 5.0-liter V8 rated at 471 horsepower and 398 pound-feet of torque. It spins the rear wheels via a 10-speed automatic transmission, and it sends the coupe from zero to 62 mph in 4.4 seconds. While that's the LC Convertible's only engine option, the coupe is also offered with a gasoline-electric hybrid powertrain built around a 3.5-liter Atkinson-cycle V6 and rated at 354 horsepower. It shifts through both a CVT and a four-speed automatic. The new model year also brings a small price increase: the LC now starts at $94,600 including a $1,150 destination charge. Pricing for the full range is as follows: LC 500: $94,600 ($475 more than in 2022) LC 500h: $100,600 ($475 more than in 2022) LC 500 Convertible: $102,650 ($475 more than in 2022) On sale now, the 2023 Lexus LC will begin arriving on dealer lots in November 2022.

Lexus sails the seas in luxury with its first-ever yacht

Lexus is taking its pursuit of luxury lifestyle offshore with a production version of its LY 650 yacht, revealed in Boca Raton last week. Now one can have an oceangoing Lexus to go with the LC 500 parked in the garage. Based on its Sport Yacht Concept revealed in 2017 and announced for production last year, the 65-foot yacht was developed with and built by Marquis Yachts LLC, which also adopted Toyota's latest manufacturing and quality assurance methods. The LY 650's styling was cooperatively penned with Nuvolari Lenard, which designs luxury yachts. Lexus and its partners designed the LY 650 with a high-tech hull that's a combination of lightweight but rigid CFRP (carbon fiber-reinforced plastic) and GFRP (glass fiber-reinforced plastic), to reduce weight without sacrificing structural integrity. The LY 650 is powered by dual Volvo Penta IPS1350 marine engines making 1,000 horsepower each, or buyers can choose 800 or 900 hp engines instead. The ship's master can even operate the LY 650 with a new LY-Link smartphone wireless connectivity system that controls the boat's functions and uses real-time information to assist navigation. Keeping seafarers entertained is an integrated Mark Levinson Surround Sound audio and entertainment system designed specifically for the LY 650 to offer "concert hall-like" acoustics in the main deck's salon. There are three decks: topside with secondary controls, salon on the main deck, and three cabins below that sleep six. "The LY 650 symbolizes the challenge taken by Lexus, which aspires to be a true luxury lifestyle brand, to venture beyond the automobile. A collaborative team between Toyota and Marquis Yachts introduced the Toyota Production System to the boat manufacturing facility to improve productivity and quality,” President Akio Toyoda said in a statement. “This allowed the Lexus "CRAFTED" philosophy of anticipatory hospitality and meticulous attention to detail to become a reality in the form of a luxury yacht. I am truly looking forward to seeing the advanced, high quality LY 650 display its beauty on the oceans across the globe. As a mobility company, we are pursuing new possibilities for mobility even on the sea." Lexus is not the only luxury automaker to hear the call of the sea: Porsche created a yacht, and there's a Bugatti Chiron sister ship along with the Mercedes Silver Arrow. Even Henrik Fisker has dabbled with yacht design.