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Mixed sales results, but automaker stocks rise on need for cars in Houston

DETROIT — The Big Three Detroit automakers on Friday reported better-than-expected August sales and issued optimistic outlooks for demand as residents of the Houston area replace flood-damaged cars and trucks after Hurricane Harvey, sending their stocks higher. General Motors, Ford and Fiat Chrysler posted mixed August U.S. sales, with GM up 7.5 percent and Ford and Fiat Chrysler down. Japanese automaker Toyota improved sales by nearly 7 percent, while Honda fell 2.4 percent. Still, analysts focused on the potential for Detroit automakers to cut inventories and stabilize used vehicle prices as residents of Houston, the fourth largest city in the United States, are forced to replace tens of thousands, perhaps hundreds of thousands, of vehicles after the devastation from Hurricane Harvey. Mark LaNeve, Ford's U.S. sales chief, told analysts on Friday that following Hurricane Katrina in 2005 "we saw a very dramatic snapback" in demand. That said, Ford sales fell 2.1 percent in August. It sold 209,897 vehicles in the United States, compared with 214,482 a year earlier. Sales were down 1.9 percent in the Ford division and off 5.8 percent at Lincoln. Demand was down for cars, crossovers and SUVs. It was not clear how many vehicles in the Houston area will be scrapped, LaNeve said, saying he had seen estimates ranging from 200,000 to 400,000 to 1 million. Ford's Houston dealers may have lost fewer than 5,000 vehicles in inventory, he said. Ford is the No. 1 automaker in the Houston market, with 18 percent share, according to IHS Markit. The company plans to ship used vehicles to Houston dealers and has "every indication we would have to add some production" of new vehicles to meet demand, LaNeve said. Investor concerns about inventories of unsold vehicles and falling used car prices have weighed on Detroit automakers' shares most of this year. Now, automakers can anticipate a jolt of demand from a big market that is a stronghold for Detroit brand trucks and SUVs. "It's got to be a positive for the industry," LaNeve said. Investors appeared to agree. GM shares rose as much as 3.3 percent to their highest since early March. Ford increased 2.8 percent at $11.34, and Fiat Chrysler's U.S.-traded shares were up 5.2 percent $15.91, hitting their highest in more than five years. GM reported a 7.5 percent increase in U.S. auto sales in August, helped by robust sales of crossovers across its four brands.

Recharge Wrap-up: BMW, Nissan team up on chargers, CNN loves Tesla Model X

CNN Money calls the Tesla Model X "the new king of crossover SUVs." In its round-up of its favorite luxury SUVs of 2015, CNN places the electric ute on the top of its list. The Model X's EV powertrain, excellent acceleration and handling and cool design and technology features (including much attention paid to its slick Falcon Wing doors) earn it high praise. See the video above, and read more at CNN Money or from Clean Technica. Tesla has plans to open offices in Korea and South Africa. Tesla has registered in Korea as Tesla Korea Limited under co-CEOs Todd Maron (Tesla general council) and Susan Repo (Tesla Financial Services). It will have an office near Seoul. Tesla is also reportedly opening an office in South Africa in January, with GreenCape CEO Evan Rice acting as Business Development Manager. Rice will work to build a market for Tesla's PowerPack stationary energy storage systems. Read more from Korea Times, from htxt and from Teslarati. BMW and Nissan are partnering to build 120 new fast charging stations in the US. The public, 50-kW DC chargers, operating on the Greenlots charging network, will be deployed in 19 states in order to support Nissan Leaf and BMW i3 drivers, and to help promote EV adoption in the US. The chargers will support both CHAdeMO and SAE Combo charging. "Together with Nissan, we are focused on facilitating longer distance travel so that even more drivers will choose to experience the convenience of e-mobility for themselves," says BMW's Manager of Connected eMobility, Cliff Fietzek. Kia also recently partnered with Greenlots to provide charging for Soul EV drivers. Read more in the press release below. BMW AND NISSAN PARTNER TO DEPLOY DUAL FAST CHARGERS ACROSS THE U.S. TO BENEFIT ELECTRIC VEHICLE DRIVERS • A total of 120 dual-port 50kW DC Fast-charging stations have been installed across 19 states to support longer distance electric vehicle travel for Nissan LEAF and BMW i3 drivers. • These publicly available Greenlots-networked charging stations include both CHAdeMO and CCS (Combo) connectors, suitable for all DC Fast charging-capable electric vehicles in the U.S. WOODCLIFF LAKE, NJ and NASHVILLE, TN - December 21, 2015... BMW and Nissan are joining forces to offer public DC Fast charging at 120 locations across 19 states in an effort to support Nissan LEAF and BMW i3 customers and to promote increased adoption of electric vehicles (EVs) nationwide.

Automakers Renault, Nissan will become equals, with equal stakes in each other

TOKYO — Nissan and Renault have agreed to equalize the stakes they hold in each other, both sides said Monday, ironing out a source of conflict in the Japan-French auto alliance. Up to now, Renault Group has held a 43.4% stake in Nissan Motor Co., potentially giving it a larger say in how the Japanese automaker is run. It will transfer shares equivalent to a 28.4% stake to a French trust so each side will hold the same 15% stake in the other, according to the companies. The disparity between the holdings was a cause of friction, especially after Nissan became far more profitable than Renault. The agreement on the change is still being finalized and needs board approval from both companies. The companies said the shares in the French trust can eventually be sold but did not say to whom or how. They said the sale will be carried out in a “coordinated and orderly process” if a deal makes commercial sense to Renault Group, and that there is no time deadline. Until then, the voting rights would be “neutralized” for most managerial decisions, but the economic rights, such as dividends, will continue to go to Renault, the companies said. The top shareholder in Renault is the French government. Japanese Prime Minister Fumio Kishida met with French President Emmanuel Macron earlier this month. The alliance has had its ups and downs since it began in 1999, when Renault sent one of its executives, Carlos Ghosn, to then-struggling Nissan to lead a turnaround. Ghosn first served as Nissan's chief executive and later its chairman before he was arrested in late 2018 on various financial misconduct charges. The alliance, which also includes smaller Japanese automaker Mitsubishi Motor Corp. and remains one of the world's top auto groups, has been eager to put the Ghosn scandal behind it. Allegations against Ghosn include underreporting income, using investment funds for personal gain and illicit use of company expenses, including overseas homes and a yacht. Ghosn said he is innocent of all charges. He jumped bail in late 2019 and is now in Lebanon, which has no extradition treaty with Japan. The equalization of the crossholdings has been speculated about for some time. The companies called the move “an important milestone.” “The ambition is to strengthen the ties of the alliance and maximize value creation for all stakeholders,” said Nissan, based in the port city of Yokohama.