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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.

Nissan ex-chief Carlos Ghosn cancels hastily arranged Tokyo press conference

TOKYO — Former Nissan boss Carlos Ghosn on Friday abruptly canceled plans for what would have been his first press conference since his arrest in November, after journalists had been notified about a briefing just two hours earlier. Ghosn's lawyers called to cancel the event that was to be held at the Foreign Correspondents' Club of Japan (FCCJ), but did not immediately give a reason for the abrupt change, an official at the FCCJ told Reuters.Automotive News cited a source as saying his family and media team staged a "last-minute intervention" to get him to call off plans to make his case at the press conference, fearing he would be faced with questions he couldn't answer without tipping his legal team's strategy, or that Japanese prosecutors would take a dim view of him publicly criticizing their actions and attempt to revoke his bail. A spokesman for the Ghosn family in Tokyo did not answer his mobile phone and did not immediately respond to an emailed request for comment. If the conference had not been canceled, Ghosn would have spoken as Japanese Prime Minister Shinzo Abe hosts national leaders at the G20 leaders gathering in Osaka, including U.S. President Donald Trump and French President Emmanuel Macron, who Ghosn's wife Carole have called on to raise the issue of her husband's treatment by Japan's courts. In May a Japanese court dismissed an appeal by Ghosn to ease a bail restriction that bans him from contacting his wife and rejected a subsequent request to allow him a one-off monitored meeting with Carole. His lawyers have argued that that condition violates Japan's constitution and international law on family separations. Ghosn's movements are also monitored and he is only allowed internet access from a computer at his lawyer's office that records the activity for the court. Once among the world's most feted auto executives, Ghosn is awaiting trial in Japan over charges including enriching himself at a cost of $5 million to Nissan, in a scandal which has rocked the industry and exposed tensions in the automaking partnership between Nissan and Renault SA. Since his initial arrest in November last year, Ghosn has been charged four times for crimes which also include underreporting his Nissan salary and temporarily transferring personal financial losses to his employer's books during his time at the helm of Japan's No. 2 automaker.

Watch some vintage F1 cars blast up a Japanese mountain road

It's a rare treat to see classic Formula One cars racing anywhere, but watching them on a Japanese mountain road is absolutely sublime. The folks behind Motorhead from Japan took over the toll road's twisting stretch of tarmac to turn this impossible dream into a reality. The unusual opportunity of a closed mountain road would be a waste for only two vehicles, and there were plenty of drivers in amazing machines that wanted to blast up the hill. After the vintage F1 cars got their turn, some drifters in a Nissan GT-R and a Toyota GT86 added some tire smoke to the misty mountain air. A couple more GT-R racecars and some modern sports cars eventually joined them. Before the rain hit, this team had quite a party going on. This video features amazing camera work, but the music unfortunately drowns out the chance to hear these amazing racecars. If watching this leaves you wanting more, Motorhead released a video last year of another group of impressive performance vehicles on the mountain road.