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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.

Weekly Recap: New bosses try to jump-start Cadillac and Lincoln

Both of America's domestic luxury brands seem to be stuck in neutral.
It's ironic that Cadillac and Lincoln got new bosses within days of each other this month. It's also a commentary on the fact both of America's domestic luxury brands seem to be stuck in neutral.

Cadillac Lyriq shown in pre-production form for the first time

A single photo of the upcoming Cadillac Lyriq testing in camouflage was posted on LinkedIn by Mahmoud Samara, Cadillac’s vice president of sales, service and marketing. ItÂ’s significant, because we havenÂ’t seen a single photo of the actual pre-production Lyriq yet. All Cadillac has shown us so far is a concept-like version of the crossover that is destined for production. This photo of the crossover done up in camouflage gives us the first impression of how Cadillac is transforming the Lyriq from concept car to production car. ItÂ’s moving at speed with some motion blur in the image, but we've lined both it and the original production-intent prototype up atop each other below for you to compare. In a way, this photo is a lesson in how deceiving camouflage on a car can be. The undisguised Lyriq has exponentially more presence and pizzazz than the one in black and white speckled wrappings. Given just the camo car, weÂ’d be able to discern that Cadillac is working on a large, coupe-like electric crossover, but the details would remain a mystery. The dramatic window line is totally obscured by the camo car, and so is its wild rear taillight that wraps up into the giant rear pillar. That huge rear blade/pillar is one area that could see change from the Lyriq photos weÂ’ve seen so far, too, as it looks like a massive blind spot for the driver. Other notable differences include regular-sized wheels and tires, a potentially higher roofline (for more practical headroom and cargo space) and actual side mirrors instead of the camera mirrors. Does it all look slightly less futuristic? Sure, but remember that the camouflage is there to disguise and trick the eye. One element that does look completely carried over is the massive screen inside. You can see the monolith stretching across the dash from far away. ItÂ’s likely that we get a full array of spy shots from one of our usual sources soon with far more angles to look at. SamaraÂ’s announcement in his post made it clear that pre-production testing is underway at GMÂ’s testing facilities. Cadillac has previously said that the Lyriq would officially go on sale in late 2022, so expect more disguised prototypes until then. Cadillac Lyriq View 8 Photos Related video: The Lyriq is CadillacÂ’s new all-electric crossover