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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.

What are the odds an actual Cadillac EV looks anything like this?

The Cadillac EV concept sure looks neat. It's all-electric, too, which is even neater. Unfortunately, it's a concept car, and when it comes to concept cars with Cadillac badges on them, it's best not to get too excited. For instance, you might recall this exquisite piece of automotive art. It was called the Elmiraj. You might recall the production version became the bold face of a new Cadillac and inspired a renaissance for the brand. Jay-Z drives one. Oh wait, no he doesn't. It was never made, nor was anything like it made. This is the Cadillac Escala. It has certainly inspired design cues on production Cadillacs, most notably the just-revealed XT6. However, besides those cues, it's a pretty anonymous large crossover. Hardly anything as stunning as the Escala. Now, perhaps the CT5 will be a dead-ringer, but we wouldn't get our hopes up. Then there's this, the Ciel. Not to be confused with an Acura CL, it was 100 feet long, a convertible and purple. This was also not made. OK, we can see why. And finally, this is the Cadillac Sixteen. As the name suggests, it had 16 cylinders. That's a lot. The most you can get in a Cadillac today is half that many. Now, to be fair, most manufacturers produce concept cars that have zero chance of production. They are meant to serve as inspiration for future designs, showcase future technologies or just draw attention to the brand. The problem with the Cadillac concepts is that they're not that fanciful. Those aren't pod-like Jetsons cars up there. They aren't this nonsense. They look like modern interpretations of the exact sort of grandiose cars Cadillac used to make. The very cars that made Cadillac the "Cadillac of the World." You know, like this. I'm not talking about literal tail fins and pink paint, but that's a CADILLAC. It's confident. It's its own thing. It doesn't need to beat BMW around the Nurburgring to prove something to someone somewhere. The Elmiraj was also a CADILLAC. The XT6 literally wears a Cadillac badge, but it could be anything. By contrast, Lincoln is doing a much better job of tapping into the spirit of its grand past with the Navigator, Aviator and suicide-doored Continental. Nowhere is that better seen than in the cabins of the XT6 and Aviator. One is swank. The other is not. But back to where we started: that EV concept. You'll note that it doesn't actually have a name.

Genesis cars win accolades, offer value — so why are sales so bad?

My high-school buddy Brent Cormier was so smitten with the Genesis G80 when he saw it at an event I hosted at SXSW in 2016 he bought a used 2013 Hyundai Genesis a short time later and fell in love with the car. "It surpasses my every expectation," said Cormier, a self-described "renaissance man" who owns and runs a real estate agency with his wife Laura, is a food service executive chef and part owner of Austin-based Thin the Herd Guitars. "I was locked into Mercedes and Audi for 10 years," he added. "And felt trapped in an endless pit of maintenance costs." After owning the Genesis over the past two years — including using it as an Uber and Lyft driver to earn extra cash — Cormier learned what some frugal luxury sedan buyers and a handful of car reviewers have discovered: Genesis offers great bang for the buck compared to other premium brands and can compete with the best in terms of performance, features and comfort. Hyundai's luxury brand also earned a prominent third-party endorsement last week when for the first time Genesis topped J.D. Power's 2018 APEAL study, surpassing German luxury-performance icon Porsche. The APEAL study (which stands for Automotive Performance, Execution and Layout) "measures owners' emotional attachment and level of excitement across 77 attributes," ranging from performance to comfort, and asks nearly 68,000 owners of new 2018 models to score vehicles on a 1,000-point scale. In its second year ranked as a stand-alone brand, Genesis earned an APEAL score that bumped it up 15 points to 884 and helped push it past Porsche — and past BMW, Lincoln, Mercedes-Benz, Audi, Volvo, Cadillac, Land Rover and Lexus, in order of ranking. Last month, Genesis also topped J.D. Power's Initial Quality Survey (IQS) for the first time this year. And both its models were awarded Top Safety Pick Plus ratings by the Insurance Institute for Highway Safety, among 11 Plus ratings in all for Korean vehicles. Despite high J.D. Power rankings and great reviews, Genesis U.S. sales were off 50 percent for the first six months of 2018 compared to 2017, and in June Genesis sold only 796 vehicles — the first time U.S. numbers dropped below 1,000 in a month. Part of Genesis's APEAL and IQS success can be attributed to its small product lineup: just two models, the G80 and G90 sedans, with a third, the 2019 G70, launching later this year. And while those numbers may help in J.D.