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The next steps automakers could take after sales drop again in April

DETROIT (Reuters) - Major automakers on Tuesday posted declines in U.S. new vehicle sales for April in a sign the long boom cycle that lifted the American auto industry to record sales last year is losing steam, sending carmaker stocks down. The drop in sales versus April 2016 came on the heels of a disappointing March, which automakers had shrugged off as just a bad month. But two straight weak months has heightened Wall Street worries the cyclical industry is on a downward swing after a nearly uninterrupted boom since the Great Recession's end in 2010. Auto sales were a drag on U.S. first-quarter gross domestic product, with the economy growing at an annual rate of just 0.7 percent according to an advance estimate published by the Commerce Department last Friday. Excluding the auto sector the GDP growth rate would have been 1.2 percent. Industry consultant Autodata put the industry's seasonally adjusted annualized rate of sales at 16.88 million units for April, below the average of 17.2 million units predicted by analysts polled by Reuters. General Motors Co shares fell 2.9 percent while Ford Motor Co slid 4.3 percent and Fiat Chrysler Automobiles NV's U.S.-traded shares tumbled 4.2 percent. The U.S. auto industry faces multiple challenges. Sales are slipping and vehicle inventory levels have risen even as carmakers have hiked discounts to lure customers. A flood of used vehicles from the boom cycle are increasingly competing with new cars. The question for automakers: How much and for how long to curtail production this summer, which will result in worker layoffs? To bring down stocks of unsold vehicles, the Detroit automakers need to cut production, and offer more discounts without creating "an incentives war," said Mark Wakefield, head of the North American automotive practice for AlixPartners in Southfield, Michigan. "We see multiple weeks (of production) being taken out on the car side," he said, "and some softness on the truck side." Rival automakers will be watching each other to see if one is cutting prices to gain market share from another, he said, instead of just clearing inventory. INVESTORS DIGEST BAD NEWS Just last week GM reported a record first-quarter profit, but that had almost zero impact on the automaker's stock. The iconic carmaker, whose own interest was once conflated with that of America's, has slipped behind luxury carmaker Tesla Inc in terms of valuation.

Watch Ford build a Mustang atop Burj Khalifa, world's tallest building

In 1965, a Ford Mustang Convertible proudly went on display at the top of the Empire State Building, the world's tallest building at the time. Earlier this year, the Blue Oval recreated the stunt by bringing the latest droptop 'Stang to the sky-high structure. Unfortunately, while still iconic, the New York skyscraper has lost the world title. Of course, an automaker can't let something like that get in the way of a good publicity stunt. For the inauguration of the Ford business unit in the Middle East and Africa, the brand gave the 2015 Mustang Convertible an even bigger building to climb – the biggest in fact. The droptop made its way to the 112th floor of the Burj Khalifa, the world's tallest building. To put a final topper on the whole event, executive chairman Bill Ford was the one to place the car's famous badge, making it complete. Like with the Empire State Building spectacle, getting the Mustang to the top wasn't as simple as just driving it off the elevator. Check out the video above to see how it was done, and scroll down to read Ford's press release about the event. NEW MUSTANG UNVEILED ON WORLD'S TALLEST BUILDING, BURJ KHALIFA Bill Ford helps inaugurate Ford's latest business unit, Middle East and Africa, an exciting, vibrant region that represents the final frontier for growth in the auto industry Ford pledged to launch 25 vehicles in region by 2016, including the all-new Mustang debuting next year Industry sales in Middle East & Africa are expected to grow 40 per cent to 5.5 million vehicles by 2020 Dubai, U.A.E., Nov. 20, 2014 – Ford Motor Company underscored its growing ambitions in the Middle East and Africa, with the dramatic introduction of the all-new Mustang on Dubai's Burj Khalifa, the world's tallest building. Ford Executive Chairman Bill Ford capped the live-action event by delivering the iconic pony badge to the 2015 yellow Mustang on the 112th floor of the skyscraper. The event was viewed live around the world on YouTube as well as by approximately 10,000 fans gathered in the Dubai Downtown area, overlooking the Dubai Fountain and Burj Khalifa. (To see a replay, click on this link.) "Today we planted the Ford flag in the Middle East & Africa, an exciting, vibrant region that represents the final frontier for growth in the auto industry," Bill Ford said.

NHTSA closes Ford F-150 EcoBoost acceleration probe

Typically when we report on the findings of an investigation from the National Highway Traffic Safety Administration, it's because the government body has discovered a safety issue and prescribed a recall. In this case, however, NHTSA has closed an investigation into a reported performance deficit without ever getting to the recall stage.
The issue revolves around the Ford F-150 - specifically those equipped with the 3.5-liter EcoBoost engine - of which some 360,000 were built in the 2011, 2012 and 2013 model years. After receiving an initial 95 complaints, NHTSA opened an investigation last May - almost a year ago - into the reported issue of reduced engine power under hard acceleration. The agency has since received a total of 525 such complaints, and Ford itself reported receiving over 4,000.
Together, NHTSA and Ford determined that the problem resulted from cylinders misfiring, an issue itself stemming from water getting into the charge air cooler (CAC) mated to the turbochargers. In particularly humid or rainy conditions, water was found to get into the CAC, causing some of the cylinders to misfire, which in turn triggered the ECU to disable those cylinders in order to protect the catalytic converter from damage.