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Trucks, SUVs drive U.S. October new vehicle sales

DETROIT — Major automakers posted mixed U.S. new vehicle sales in October on Wednesday, though America's love affair with high-margin pickup trucks and SUVs remained in full bloom as larger, pricier vehicles fared better than passenger cars. Auto industry publication WardsAuto put the seasonally-adjusted annualized rate (SAAR) for light vehicle sales in October at a robust level of 18 million units. But after a long boom cycle, carmakers are still ill-prepared for the slight decline in sales anticipated for full-year 2017 and have taken too few steps to trim production, said Doug Mehl, a partner in consultancy A.T. Kearney's automotive practice. "When you make a new vehicle, you have volume assumptions tagged to it, and who wants to be the guy who says, 'I'm going to make less of this really cool model'?" Mehl said. "But eventually the market is the reality, and it's going to force companies one way or other here." General Motors GM reported a sales drop of 2.2 percent for the month, with consumer sales down 6.6 percent. But sales of high-margin pickup trucks, sport utility vehicles and crossovers all rose. GM also cut its inventory of unsold vehicles — a source of concern for the market — slightly. The automaker has worked to reduce its volume of excess inventory, including through significant production shutdowns in the third quarter. GM had said its inventory would rise in October. "We are heading into the fourth quarter with good momentum, thanks to a strong U.S. economy and very strong pickup and crossover sales," said Kurt McNeil, GM vice president for U.S. sales operations. GM slightly reduced consumer discounts as a percentage of average transaction prices to 13.5 percent, from 13.7 percent in the third quarter. Industry experts believe consumer discounts above 10 percent of the average transaction price are unhealthy as they erode resale values and are unsustainable in the long term. Consultants J.D. Power and LMC said last week that based on preliminary October sales numbers, discounts have exceeded 10 percent in 15 of the past 16 months. Ford The U.S. auto industry posted record sales of 17.55 million vehicles in 2016. New sales received a strong boost in September as consumers replaced vehicles damaged in southeast Texas by Hurricane Harvey the previous month. Full-year 2017 sales are expected to be slightly lower than 2016.

Recharge Wrap-up: Mitsubishi Outlander PHEV Finishes AXCR, Nissan Leafs drive 528 million collective miles

The Mitsubishi Outlander PHEV has successfully completed the Asia Cross Country Rally 2014. The plug-in Mitsu finished first in the EV class, and 14th overall, clocking in at 19 hours, 17 minutes and 12 seconds. For its second year in the competition, the Outlander PHEV used a new suspension with more ground clearance to help it tackle the race's treacherous terrain. Besides the glory of taking on the challenging competition, the rally helped Mitsubishi gather valuable data for EV development. The race took place over 1,367 miles of varied terrain from Thailand to Cambodia. Read more at Hybrid Cars, or visit Mitsubishi UK's Facebook page. Nissan Leaf drivers have driven more than 528 million miles worldwide. That accounts for a reduction of 150,000 tons of carbon dioxide emissions since the EV's 2010 launch. Nissan projects that Leaf drivers will surpass a collective 1 billion electric kilometers (621 million miles) by January 2015, or perhaps even sooner if sales keep increasing. The mileage data was collected through the car's CarWings telemetry. Read more at Green Car Congress. 40 percent of luxury cars will be powered by some form of electrification by 2030, according to Audi. Whether it's battery-electric, hybrid, or plug-in hybrid, electrons will be doing their share to get the well-heeled from place to place. According to an article at The Sydney Morning Herald, PHEVs are "the most promising option." The BMW i8 is a fine example, as is the Porsche Panamera S E-Hybrid, and Audi and Mercedes-Benz have plug-in plans of their own. Lexus, not so much. Read more at The Sydney Morning Herald. PGA golfer Hunter Mahan has taken delivery of a BMW i3 he won by scoring a hole-in-one. BMW offered a free, all-electric i3 to the first player to score a hole-in-one in the 2013 BMW Championship at Conway Farms Golf Club, which Mahan did on the 17th hole. The BMW Championship raised money for Evans Scholars Foundation. BMW Hole-in-One Scholar Melyzjah Smith, who was awarded a full four-year college tuition and housing scholarship in honor of Mahan's slick shot, was on hand to meet the golfer as he received his i3. Read more in the press release below. Uber has hired President Obama's 2008 campaign manager as its senior vice president of policy and strategy. David Plouffe will help the ride-hailing app navigate government policy and relations. The Taxicab, Limousine and Paratransit Association didn't think the move was a good one.

Carlos Ghosn's rise and fall — and dramatic flight — streams in August

It turned out that Carlos Ghosn was not the perfect CEO after all.  On the run for nearly five years and living in exile in Lebanon for part of that time, Ghosn’s story — he was the former global chief of Nissan and Renault — and his subsequent dramatic escape from Japan is the stuff that Â… well, documentaries are made of. On August 25, Wanted: The Escape of Carlos Ghosn, a series in four parts, will begin streaming on Apple TV+. This new screen story (there have been others previously) hones in on his rise to fame, his multiple arrests for financial misdeeds and his made-for-Hollywood escape from Japan. Ghost had contacted a former Green Beret and was hustled out of the country by private jet in December, 2019, hidden in a musical instrument box. originally designed to hold a trombone. Ghosn has lived in Lebanon, where he has citizenship, ever since. To this point Lebanon has refused requests to extradite him. The Apple TV+ documentary will cover all of this, with never-before-seen footage and interviews. Mike Taylor, the former Green Beret who helped Ghosn escape, will tell his side of the story alongside Ghosn and others. The film has been executive produced by James Gay-Rees and Paul Martin from Formula 1: Drive to Survive. GhosnÂ’s background puts perspective on the story. He worked for 18 years with Michelin North America, where he was ultimately appointed as chief executive in 1990. In 1996, he joined Renault, and played a pivotal role in the alliance formed between Renault and Nissan. In mid-2001, he was appointed as NissanÂ’s new chief executive, and by 2005 he was running both Nissan and Renault. But in 2018 he was arrested at the Tokyo International Airport on allegations of under-reporting his salary and misusing company assets. He was subsequently arrested three more times on similar charges. He was held in and out of Japanese prison through much of 2019 before he was released on bail that April, eight months before his escape. Ghosn recently filed a lawsuit against Nissan, seeking more than $1 billion from the company. He accuses the automaker and others of defamation and fabricating evidence. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.