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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.

Kickin' it: Lexus, John Elliott turn Nike Air Force 1 into fashion tires

At New York Fashion Week, Lexus unveiled a collaboration that spanned numerous cultural realms, from the trendy streetwear and sneaker world to the high-art scene to the luxury auto space. Using its new UX crossover as the canvas, Lexus partnered with rising style entrepreneur John Elliott to create all-white tires designed after the iconic Nike Air Force 1. The pairing stems from a different collaboration in which John Elliott partnered with Nike to create a custom Air Force 1. Elliott kept the timeless silhouette simple in white coloring, but created a new look by layering and stacking parts of the shoe's upper to create the illusion of shadows and shades. The tires are intended to do the same. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Aside from the obvious connection of wheels and tires often nicknamed "shoes," sneaker and car cultures have intertwined on numerous occasions throughout the years. Most recently, a Rolls-Royce SUV-themed pair of Air Jordan IIIs popped up, Volvo customized pairs of Adidas Stan Smiths, and Puma made kicks inspired by the BMW GINA concept car. Those who know the Air Force 1 see the parallels all over the tires. The Nike swoosh, the circular heel design of the sole, and the air holes from the shoe's toe box are obvious, with subtle touches such the textures of the shoe's rubber and leather filling the rest of the space. A small "AF1" badge is a nice nod to the shoe's metal lace ornament, as well. Lexus didn't release much information about the art concept, but there are small changes elsewhere on the car. The black wheel arch cladding is white, as are the side mirrors. We're surprised the UX wasn't completely white, grille and all, like the shoe, though. A John Elliiott badge on the lower rear quarter of the car makes sure everybody knows who worked on the project. Unlike John Elliott's Air Force 1s, this UX is not for sale. Sneaker influencer Ray Polanco Jr. was invited to the event and gave some better looks at the tires below: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Lexus LC Convertible might be revealed at the Goodwood Festival of Speed

Lexus reportedly has plans to reveal a Lexus LC Convertible at this year's Goodwood Festival of Speed. The news comes from a Roadshow report, citing multiple, anonymous Lexus sources. One is right to be skeptical, but an LC Convertible seems likely after seeing the concept revealed at the Detroit Auto Show at the beginning of the year. We liked what we saw back in January, and the "concept" looked nearly production ready. Lexus hinted a production version may be on the way, and it looks like we might see the delivery of that car in early July. The Goodwood Festival of Speed runs July 4-7. That concept car was missing a roof, but we imagine Lexus will be fitting a space-saving soft top for the production car. Space is limited in the LC500's small trunk, and a bulky hard top would just about kill it entirely. However, the gorgeous lines of the LC500 will most likely suffer from such a top — it's pretty much impossible to replicate the coupe's sweet lines and styling with a fabric top. The idea of an LC Convertible is sound, though. It makes sense for Lexus to take advantage of the beautiful and exotic design of the LC500 for more models, especially as BMW dives head first into this arena with multiple flavors of the 8 Series. As convertibles typically are, we'll expect this one to be more expensive and slower than the coupe. The LC500 starts at $93,325, including the $1,025 destination charge. Lexus says acceleration to 60 mph with the 5.0-liter V8 takes 4.4 seconds. We wouldn't be surprised to see a price tag arching over $100,000, and a couple tenths knocked off that 0-60 mph time with an inevitably heavier car. The Goodwood Festival of Speed is as good a place as any to reveal something like an LC Convertible. We'll be on the grounds in England when the time comes, so check back to see if Lexus decides to pull the covers off in a few weeks.