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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.

Renault will split EV from combustion unit, seeks partnerships

PARIS — Renault has received several partnership proposals for the combustion engine unit it plans to create alongside one dedicated to electric vehicles and software, two sources familiar with the matter said. Renault plans to separate its electric and conventional car businesses, creating two entities to manage the shift towards fossil-free vehicles. "The group has already received partnership demands" for its internal combustion engine unit, one of the sources said. By bringing in partners on the combustion engine side Renault aims to free up funds to invest in electric vehicles, a technology in which it was a pioneer with Nissan and Mitsubishi, but in which it is now eclipsed by pure players such as Tesla. Renault intends to retain majority ownership of its electric division, which will employ about 10,000 people and which could be bourse-listed via an IPO in the second half of 2023. However, it will only remain a reference shareholder, not a controlling shareholder, of the combustion engine unit, which will have similar staff levels, said two other sources familiar with the plans. One of the sources said Renault may hang on to a 40% stake. Renault declined to comment. The carmaker at a capital market day this autumn will set out its plans for its electric arm based in France and the combustion unit headquartered abroad. That entity will include factories producing engines and gear boxes for gasoline and hybrid cars in Spain, Portugal, Turkey, Romania and Latin America. Among potential partners for its combustion engine business, CEO Luca de Meo in April mentioned Nissan, other automotive groups and long-term investors. De Meo is set to travel to Japan next month to discuss potential Japanese participation in its electric and combustion engine projects. Renault is undergoing a major restructuring aimed at restoring its finances and recently signed partnerships beyond its historical alliances with Nissan, Mitsubishi and Mercedes, such as with China's Geely Automobile Holdings. This month it sold 34% of its South Korean unit to Geely, which owns Volvo Cars and is a shareholder in Mercedes. With Geely, Renault plans to develop hybrid vehicles which will be assembled in its plant in Busan, South Korea. Earnings/Financials Green Mitsubishi Nissan Renault

Nissan GT Academy: Living the dream

When I first met Nicolas Hammann, he was beaming, as though he still could hardly believe this was his life now. He's a young guy, almost 22 years old. He grew up in Elkhart Lake, WI, doing some karting and road racing when he could. Just last year, he was at UNC Charlotte working toward a degree in mechanical engineering as a way to stay around cars in the future. Then he qualified for GT Academy. Jump ahead to January 2015, and Nic is in his first pro race, the 24 Hours of Dubai, representing Nissan behind the wheel of a GT-R GT3. And now he's here at the 2015 GT Academy Finals in Nashville, TN, acting as a sort of ambassador from the other side of the challenge – an example of what each of these guys hopes to achieve. After this, he's off to race at Lime Rock in the Continental Tire Sports Car Challenge. After that, back to his home turf at Road America. Nicolas Hammann's dream of becoming a pro racer has come true. The GT Academy National Finals are made up of four parts, equally weighted. Within each program, though, there is room for interpretation - a gray area where those in charge can make judgment calls about character and whatnot. On the first day, the competitors take part in a Gran Turismo 6 tournament, as well as a PR test. Day two is made up of a grueling physical challenge and a driving test behind the wheel of an actual car. The virtual racing takes place in a single room with multiple "sleds" — console setups with a built-in screen, Thrustmaster T500 force feedback steering wheel, and a pedal set. It is particularly balmy in Nashville during the first day of Finals, and all of the equipment — including a setup to livestream the competition on Twitch TV — makes the room uncomfortably hot. In this first part of the competition, drivers score points based on their finishing positions over a series of four rounds per group. Scrutineers look on to make sure everyone is playing above board. Between rounds, the individual competitors go before a panel of Nissan reps for the PR test, and they are asked a series of predetermined questions (with room for improvisation, of course). While the answers themselves provide some useful information about the competitor, it's the way they compose themselves that's really under inspection during this segment. After all, whoever goes on to race will be representing Nissan, Sony, and the country on a global stage. The longer a competitor is in the room the better, I'm told by the Nissan folks.