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U.S. auto sales fall in July, as Detroit dials back on inventory, rental sales

DETROIT — U.S. carmakers said on Tuesday they continued to slash low-margin sales to daily rental fleets in July as General Motors, Ford and Fiat Chrysler Automobiles struggled to curb a slide in retail sales. July is on track to be the fifth straight month in which the annual pace of car and light truck sales declined from the same month a year ago, in part because of fewer fleet sales, analysts and industry executives said. July 2016 sales hit a strong 17.9-million-vehicle pace. GM said the seasonally adjusted annual sales rate fell to an estimated 16.9 million vehicles in July. At midmorning on Tuesday, GM shares were down 3.4 percent at $34.77, Ford was down 2.8 percent at $10.91, and Fiat Chrysler shares were down 0.3 percent at $12.05 in New York. GM sales dropped 15 percent from a year ago to 226,107 vehicles, as the company cut rental fleet sales more than 80 percent. The automaker said inventories of unsold vehicles at month's end were 104 days, down from 105 days at the end of June. GM has promised investors to reduce inventories to 70 days by year-end. Ford said its July sales dipped 7.5 percent to 200,212 vehicles, as it cut fleet sales more than 26 percent. Inventories fell to 77 days from 79 the previous month. Fiat Chrysler said sales dropped 10 percent to 161,477, as it also cut back sales to daily rental fleets. Among the top Japanese companies, only Toyota reported a year-to-year gain, with sales up 4 percent to 222,057 — just 4,000 units behind GM. Honda sales were down 1 percent to 150,980 — its first-quarter sales continuing to decline in North America but seeing a big increase in China. And Nissan sales fell 3 percent to 128,295. GM, Ford and Fiat Chrysler have cautioned that second-half financial results likely will be lower than first-half results, in part reflecting production cuts in North America and pricing pressures. The automakers this year have been deliberately dialing back sales to rental-car companies, which often generate little to no profit, while struggling to keep retail sales from sagging further, according to industry analysts. Industry consultant LMC cut its full-year forecast for new vehicle sales to 17 million vehicles. Automakers sold a record 17.55 million vehicles in the United States in 2016.

VW takes world sales crown from Toyota for first half of 2015

Despite uncertainty in major markets like Russia and China, Volkswagen is wearing the global sales crown for the first half of the year to overtake Toyota. Through the first six months of 2015, VW sold 5.04 million vehicles, which only narrowly beat its Japanese rival's 5.02 million, Reuters reports. The half-year trophy also placed the German brand one step closer to the goal of being the world's largest automaker. VW can't just cruise through the second half of 2015 to continue wearing the crown, though. The company is a major player in China, and that might start to be a disadvantage soon. Auto demand there is expected to be weak for the rest of the year, which could mean dire effects for companies around the world. According to Reuters, the Western European market shows few signs of a sudden surge, either. To turn things around, VW is working on a massive realignment to be more responsive by organizing its 12 brands under four separate holding companies. One factor in VW's favor is that Toyota is facing its own sales struggles across the globe. In the last fiscal year, the Japanese automaker had growing profits but actual volume was down. At the time, the company predicted a drop to 8.9 million vehicles for the current fiscal period. According to Reuters, Toyota has had problems growing in emerging markets and dealing with higher taxes on small vehicles in Japan. For all of 2014, Toyota held the sales trophy with 10.23 million sales, and VW was in second place with 10.14 million. General Motors came in third with 9.92 million. The year was the first time that VW or Toyota had ever surpassed 10 million vehicles over the stretch of a calendar. Related Video:

Daily Driver: 2015 Toyota Avalon Hybrid

Daily Driver videos are micro-reviews of vehicles in the Autoblog press fleet, featuring impressions from the staffers that drive them every day. Today's Daily Driver features the 2015 Toyota Avalon Hybrid XLE Premium, reviewed by Sebastian Blanco. You can watch the video above or read a transcript below. Watch more Autoblog videos at /videos. VIDEO TRANSCRIPT [00:00:00] Hello everyone. Welcome to another Autoblog Daily Driver. This is Sebastian Blanco coming to you from behind the wheel of a 2015 Toyota Avalon Hybrid XLE Premium. This is the silver metallic and light gray version. Comes in at $38,455. It has an Entune Premium audio setup here. It's a Toyota. It's a hybrid, which probably makes you think of a Prius. The Avalon [00:00:30] and the XLE and the Premium, what we're really dealing with here is a world's plushiest, comfiest bigger Prius. It's a very different kind of car, with the body style, but you've got a lot of similarities if you've spent any time in a Prius. The fuel economy of this Hybrid on the official scale is 40 miles per gallon combined, 40 in the city and 39 on the highway. I've driven it over 400 miles this week and my average was 34.3 miles per gallon. [00:01:00] Much lower than the numbers would suggest and there's really no excuse for that. I was driving with the cruise control on, mostly on the highway, the weather is fine. This should have been an easy 39, but maybe that's the fault of the cruise control. The sport mode in this car for me has been kind of a joke. When I was interacting with the car in a more discernible manner, I couldn't tell much difference. This isn't the kind of car that you want when you're dealing with sport mode. [00:01:30] You know what you're getting with this car. It's a little more luxurious, not quite Lexus level, but definitely the higher end for a Toyota. It's nice if you like these sort of cars. This is definitely worth a look, but it's not going to be on my shopping list anytime soon. Perhaps it is on yours. For Autoblog and AutoblogGreen, this is Sebastian Blanco for another Daily Driver.