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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.

Ex-Green Beret arrested in Ghosn's escape has lived a life of danger

This Dec. 30, 2019, image from security camera video shows Michael L. Taylor, center, and George-Antoine Zayek at passport control at Istanbul Airport in Turkey. Taylor, a former Green Beret, and his son, Peter Taylor, 27, were arrested Wednesday in Massachusetts on charges they smuggled Nissan ex-Chairman Carlos Ghosn out of Japan in a box in December 2019, while he awaited trial there on financial misconduct charges. / AP   Decades before a security camera caught Michael Taylor coming off a jet that was carrying one of the world’s most-wanted fugitives, the former Green Beret had a hard-earned reputation for taking on dicey assignments. Over the years, Taylor had been hired by parents to rescue abducted children. He went undercover for the FBI to sting a Massachusetts drug gang. And he worked as a military contractor in Iraq and Afghanistan, an assignment that landed him in a Utah jail in a federal fraud case. So when Taylor was linked to the December escape of former Nissan CEO Carlos Ghosn from Japan, where the executive awaited trial on financial misconduct charges, some in U.S. military and legal circles immediately recognized the name. Taylor has “gotten himself involved in situations that most people would never even think of, dangerous situations, but for all the right reasons,” Paul Kelly, a former federal prosecutor in Boston who has known the security consultant since the early 1990s, said earlier this year. “Was I surprised when I read the story that he may have been involved in what took place in Japan? No, not at all.” Wednesday, after months as fugitives, Taylor, 59, and his son, Peter, 27, were arrested in Massachusetts on charges accusing them of hiding Ghosn in a shipping case drilled with air holes and smuggling him out of Japan on a chartered jet. Investigators were still seeking George-Antoine Zayek, a Lebanese-born colleague of Taylor. “He is the most all-American man I know,” TaylorÂ’s assistant, Barbara Auterio, wrote to a federal judge before his sentencing in 2015. “His favorite song is the national anthem.” Kelly, now serving as the attorney for the Taylors, said they plan to challenge JapanÂ’s extradition request “on several legal and factual grounds.” “Michael Taylor is a distinguished veteran and patriot, and both he and his son deserve a full and fair hearing regarding these issues,” Kelly said in an email.

Infiniti teases November debut of new QX55 crossover-coupe

Infiniti will officially unveil its new QX55 crossover-coupe via social media on Nov. 11, Nissan's luxury subsidiary announced early Wednesday. Infiniti is calling it a return to the segment which the company helped pioneer when it launched the FX crossover back in 2002.  "With a roofline and visual elements inspired by the iconic Infiniti FX, the QX55’s provocative design will fuse the stance and versatility of a premium midsize crossover with the sleek profile of a sports coupe," Infiniti's announcement said. "Beyond its provocative looks, the QX55 will also feature innovative technologies designed to empower, engage and connect luxury customers to the road ahead." The announcement was accompanied by the above teaser image, which depicts the QX55's tapered liftgate. It's quite a bit more conservative than the previously released design sketch suggested, but certainly looks the part.  The QX55 is one of five new vehicles Infiniti plans to launch in the next three years. It was first teased last August during Monterey Car Week. While Infiniti has been leaning heavily on the heritage of the original FX (which later became the QX70) since releasing that first design sketch, the QX55 will actually have little in common with its spiritual ancestor. While they may share fastback SUV looks, the QX55 will be based on the QX50 — a modern, front-wheel-drive crossover with small, efficient engines. The FX was derived from Infiniti's sport sedans and coupes, and even boasted a V8 option for much of its existence. Production of the new crossover-coupe was slated to begin in June, but was reportedly pushed back due to complications at its production facility in Aguascalientes, Mexico. The facility is a joint-venture project between Mercedes-Benz parent company Daimler and Nissan, and produces several other front- and all-wheel-drive vehicles for both companies.  Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.