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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.

Toyota to recall 185k cars globally, including Yaris

Toyota has announced it is recalling a total of 185,000 vehicles worldwide for a power steering issue. Yaris and (overseas) Vitz models built between November 2010 and March 2012 could suffer a short circuit in their power steering control module if water gets inside. Should that happen, the power steering could fail, increasing effort when turning. The recall also includes the Verso-S and Ractis built from August 2010 to August 2011. The recall covers 130,000 vehicles in Japan and around 22,450 in Europe.
Only 74 units are being recalled in the United States.
Toyota says if the fault occurs, the vehicle will display the Electronic Power Steering warning light on the dash and a buzzer will sound. The automaker will alert owners by mail and dealers will replace the power steering control module free of charge. You can read the quick press release on the recall below for more information.

IIHS updates overlap test: 2 SUVs get good marks, 9 fare poorly

Vehicles in crashes keep occupants safe by deforming around the cabin in a way that maintains cabin integrity. The Insurance Institute for Highway Safety's moderate overlap test, introduced in 1995, has been a huge contributor to improved safety for front-row passengers in a crash. IIHS President David Harkey said, "Thanks to automakers’ improvements, drivers in most vehicles are nearly 50% less likely to be killed in a frontal crash today than they were 25 years ago." In the 'unintentional side effects' column, crash safety has gotten worse for passengers in the back seats. When carmakers reengineered the front crash structure to protect the driver, more crash forces got distributed throughout the rear. IIHS research claims rear passengers have a 46% greater risk of fatal injury than front-row passengers, but back-seaters haven't benefited from the same upgrades in safety as the front row. The IIHS updated its moderate overlap test to address the issue, putting 15 vehicles through the new regime. Two earned good ratings — the 2023 Ford Escape and the 2021-2023 Volvo XC40 — one was acceptable, three were marginal and nine were rated poor. Every one of the crossovers sampled got good marks for all passengers in the original test. That test sees 40% of vehicle's width on the driver's side impacting an aluminum honeycomb barrier at 40 miles per hour. The updated test puts a crash dummy representing small woman or 12-year-old child in the seat behind the driver, the dummy's sensors and grease paint measuring the effectiveness of the restraints and the forces a human body would need to endure. To achieve a good rating, the "measurements must not exceed limits indicating excessive risk of injury to the head, neck, chest, abdomen or thigh." An institute engineer said, "In real-world crashes, chest injuries are the most common serious rear-seat injuries for adults." The sensors and video evidence showed back seat dummies in the Escape and XC40 endured minimal risk of injuries from excessive crash forces, from submarining under the seat belt, or from unwanted interaction with the side curtain airbag.   The Toyota RAV4 scored acceptable. The second-row dummy also endured minimal risk of injury to the chest and lower extremities. However, the lap belt slipped upward in a way that could increase abdominal injuries, and after the dummy's head dipped during crash impact, the head came back up between the rear curtain airbag and rear window.