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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.

2020 Cadillac XT4 Sport Drivers' Notes | Worth a look, or two

The 2020 Cadillac XT4 is Cadillac’s smallest crossover in its burgeoning lineup of SUVs. Most of the attention is on the new Escalade these days, but the XT4 is where someone with a lighter budget might enter the Cadillac brand. Our tester happens to be the Sport model, giving it a distinctive appearance, separate from the Luxury and Premium Luxury trims. This one has a gloss black mesh grille, black trim throughout the exterior and Sport-specific wheels — the others rely much more heavily on chrome. Cadillac stepped it up in the design studio for the XT4, as one of its best qualities is the exterior design. It compares well to other small crossovers and doesn't look like your typical cookie-cutter crossover on the road. ThereÂ’s only one engine available, and itÂ’s a 2.0-liter turbocharged four-cylinder that makes 237 horsepower and 258 pound-feet of torque. When the XT4 came out for the 2019 model year, this engine was brand new. Today, Cadillac is passing it around the lineup to vehicles like the CT5 and CT4. A nine-speed automatic transmission is the only transmission option, as well. Our tester has all-wheel drive, but front-wheel drive is standard on lesser XT4s. There isnÂ’t a whole lot changed for the 2020 model year, but Cadillac did add an “Off Road” mode and made a bunch of safety equipment standard. With our test car being a Sport trim with all-wheel drive equipped, the base price is $42,295, a fair bit greater than the $36,690 standard car. After options, our XT4 totaled $48,310. The most expensive extra is a $1,500 Bose Centerpoint audio system, combined with navigation. An $1,100 Driver Assistance package brought adaptive cruise control, enhanced automatic emergency braking and reverse automatic emergency braking. A Cold Weather package added heated seats all around and a heated steering wheel for $850. Finally, the $470 Driver Awareness package brought automatic high beams and lane-keep assist. Senior Editor, Green John Beltz Snyder: This one grew on me the more I drove it. I was unconvinced for the first part of my drive, but then things started to feel more well-though-out as I used them. For instance, the line of buttons across the center stack looks daunting, until you turn the car on and their labels are illuminated. Then everything is easy to find thanks to the lighting, symmetry and the fact that you only have to look down a single line of buttons rather than hunt around a grid pattern.

Cadillac moving back to Detroit after four years in New York City

After four years in New York City, The Wall Street Journal reports that Cadillac is moving its headquarters back to Detroit. This comes about four months after former head Johan de Nysschen was ousted from the automaker for a variety of reasons, including slumping sales and a product line not in concert with consumer tastes. It's also months after a Cadillac spokesperson told The Detroit Free Press that "It's 100 percent that we're staying [in New York City], that was never a question." Let's be clear about this, the move to New York was not Cadillac's biggest issue. As contributing editor James Riswick reminded us this morning, "the decision to sell three similarly sized large sedans, a variety of obsessive BMW-fighting cars, and only one crossover was not done while they were in New York." That was all planned years ago, before de Nysschen ever joined the company. He may not have righted the ship, but he didn't set it on its course. Note that the XT4, Caddy's second crossover after the SRX-replacing XT5, is just now hitting the market. The move to Manhattan was meant to give Cadillac more autonomy and put its leadership in a place where they could get a sense of what a luxury car buyer wants and needs. Detroit is great, but it can be an echo chamber, especially in a company as large and storied as General Motors. The problem is that Cadillac still relies heavily on Detroit and that poor communication was slowing development, according to the report. Steve Carlisle, a long-time GM employee, took over the brand after de Nysschen was let go. He and more than 100 others work in New York. Related Video: