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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.

Ford also working on 200-mile EV to compete with Bolt, Model 3

The Chevrolet Bolt is on a lot of people's radars. You may have even noticed friends and colleagues who harbor very little interest in the automotive world, or anything labeled as "green," who have taken notice of a 200-mile electric vehicle coming out of Detroit. Mass appeal is the idea, after all. You can include Ford in the list of interested parties, in this case with the intention of taking direct aim at the Bolt – and, by proxy, the Tesla Model 3 – with an affordable, long-range EV of its own. Ford will unveil its own long-range EV, positioned to compete with Chevrolet, later this year, according to Automobile. Details are very scarce about Ford's plans, but we do know that the Bolt (or whatever the Chevy all-electric hatchback will end up being called) is expected to offer over 200 miles of driving between charges, with a sticker price around $30,000. The other major player, of course, is Tesla's smaller, more affordable sibling to the Model S. The Model 3, also slated to go on sale in 2017, should cost less than $40,000. While Tesla has established itself in the EV world, another long-range EV out of Detroit would win some customers from the California-based startup. For now, though, we'll just have to wait, as Ford remains tight-lipped about its plans for the car. Automobile predicts a possible unveiling at the Los Angeles Auto Show in November, what with California's EV mandate being a driver of strategy for various automakers. Most can agree, though, that a larger field of options – while not ideal for backers of the Bolt or Model 3 – will only benefit the car-buying public. Related Video: Featured Gallery Chevrolet Bolt EV Concept: Detroit 2015 Related Gallery Chevrolet Bolt EV Concept News Source: AutomobileImage Credit: Copyright 2015 Sebastian Blanco / AOL Green Rumormill Chevrolet Ford Tesla Electric Future Vehicles Chevy Bolt ford ev

Ford's struggles in China continue as November sales drop 8 percent

Ford's sales in China fell 8 percent in November from a year ago, following a 5 percent decline in October, the U.S. automaker said on Monday. The firm's sales in the first 11 months of the year totaled 1.06 million vehicles, down 6 percent from the same period a year ago. Ford's China sales growth has lagged behind rivals in the world's top auto market this year, with the carmaker now looking to overhaul its strategy to revive growth in China under new chief executive Jim Hackett. Among other moves, the review of its China operations will likely see Ford focus on segments such as electric cars and electric commercial vans, with China encouraging to help clean up its polluted and congested city centers. Ford is looking to roll out more new-energy vehicles for China and is planning to experiment with a more direct selling approach in a partnership with Chinese e-commerce giant Alibaba Group Holding Ltd. Reporting By Norihiko ShirouzuRelated Video: