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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.

Lexus F label to become even more performance oriented

Lexus has plans to take its F performance label to even greater heights, according to officials. That's one of the key reasons the IS 500 F Sport Performance wasn't a full-blown IS F, Lexus executives said. Speaking before a gathering of Lexus enthusiasts at the IS 500 Launch Edition's, uh, launch at Sebring Raceway, group vice president and general manager of the Lexus division Andrew Gilleland reaffirmed that the IS 500 F Sport Performance is the first in a line of high-performance but sub-F cars (at 5:11 in the video below). "There will definitely be more vehicles. There's a lot more coming where this came from," Gilleland said, eliciting cheers from the gathered crowd of enthusiasts. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Gilleland then pointed at Lexus product planner Cooper Erickson and told the fans, many of whom had brought their own tuned F cars to the event, "If you want to see more of this," gesturing to the IS 500, "Go bug the s--t out of him." Erickson himself then took to the stage and discussed how the IS 500 came to be and the future of the F designation (at 6:17 in the video). First, he acknowledged that sedan sales are challenging. He also described the 2021 IS's chassis as a combination of the GS and RC platforms, which grew the track 1.4 inches wider. "If it's part GS and part RC, then why can't we drop a big-ass V8 in it?" Erickson wanted to know. "Nobody's doing that. But, we can," Erickson continued, "Because we do an amazing job with our hybrid products. So from a CAFE, greenhouse gas and emissions standpoint, we can manage having a V8 in a car like this when nobody else can." However, it still required approval from the mothership in Toyota City. So during an event at Pebble Beach, Erickson told Lexus chief engineer Koji Sato that he wanted to bring back the IS F. "Let's put the V8 in it, Let's do an IS F," he told Sato. At first, Sato's reply seemed like a no. "We have new plans for F," he explained. "F will be higher. Only Akio [Toyoda] can approve F [cars]." The CEO is known for being one of the few carmaker heads that actually moonlights as a racing driver. Erickson said that even if the IS F was off the table, he still wanted a V8-powered IS. "So what if we call it IS 500 F Sport? Who can approve that?" Sato's reply: "Cooper-san, I can approve that." Apparently the rest is history. This content is hosted by a third party.

The most efficient gas or hybrid cars of 2024: Not the greenest, but still very green

Not a single electric vehicle appears on the “greener choices” list assembled by the American Council for an Energy-Efficient Economy (ACEEE) in its annual compilation of the most environmentally friendly cars in the United States. But for potential car buyers seeking an efficient, fairly affordable gasoline or hybrid vehicle this year, the list of 12 cars, trucks and SUVs can help with decision making. Topping this yearÂ’s list was the gas/hybrid Honda Accord, priced at $33,990 with an estimated annual fuel cost of $982. Rank Make & Model Powertrain Vehicle Class Green Score MSRP Estimated Annual Fuel Cost* 1 Honda Accord Gas Hybrid Large Car 62 $33,990 $982 2 Kia Niro FE Gas Hybrid Compact SUV 61 $28,315 $885 3 Mitsubishi Mirage Gas Compact Car 59 $17,955 $1,189 4 Lexus ES 300h Gas Hybrid Midsize Car 59 $44,590 $1,073 5 Lexus NX 350h Gas Hybrid Midsize SUV 57 $43,465 $1,207 6 Ford Maverick Gas Hybrid Compact Pickup 55 $24,900 $1,297 7 Toyota Sienna Gas Hybrid Minivan 55 $39,080 $1,304 8 Mini Cooper Convertible Gas Subcompact Car 54 $35,700 $1,412 9 Toyota Highlander Gas Hybrid Large SUV 54 $40,720 $1,348 10 Kia Soul Gas Small Wagon 53 $21,565 $1,467 11 BMW Z4 sDrive30i Gas Two-Seater 50 $53,600 $1,626 12 Mercedes-Benz GLA250 Gas Hybrid Large Van 49 $43,000 $1,596 13 Volvo V90CC B6 Gas Hybrid Midsize Wagon 45 $59,800 $1,843 14 Ford Ranger Gas Standard Pickup 43 $32,670 $1,968 *ACEEE analysis using EIA data of the annual cost of driving 15,000 miles In making its evaluations, the ACEEE examines each 2024 model based on its cost to human health from air pollution associated with vehicle manufacturing and disposal, the production and distribution of fuel or electricity, and vehicle tailpipe emissions. The group also takes into account air pollution associated with EV battery manufacturing. The organization also ranks what it calls the “greenest” cars — it selected the Toyota Prius Prime SE plug-in hybrid is the greenest model of 2024. As well as the “Meanest.Â’Â’ or least efficient vehicle. At the top of that list this year was Mercedes-Benz AMG G63. The group says that the greener choices are those that are available nationwide “with among the lowest environmental impacts in each vehicle class but that didnÂ’t make the Greenest List.