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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.

GM 6.2L V8 claims most powerful light-duty truck engine title

General Motors has officially captured the horsepower crown for mainstream pickup trucks with its 6.2-liter V8. The big mill, available in both the Chevrolet Silverado and GMC Sierra, comes to market with 420 horsepower and 460 pound-feet of torque, handily outdoing its two cross-town competitors, Ram (5.7-liter V8, 395 ponies and 407 lb-ft) and Ford (6.2-liter V8, 411 hp and 434 lb-ft).
The new GM 6.2 will take a bit of an investment, though. Those that want the extra thrust will need to go with either the LTZ or High Country trims from the Chevy, or the SLT and Denali trims from GMC, which are the two highest trim levels for the respective vehicles. Trim levels aside, if you're in the business of towing, GM has you covered. Optioned with the 6.2-liter V8 and the Max Trailering Package, owners will be able to pull 12,000 pounds, a hugely impressive figure.
We still aren't certain as to what sort of economy the new engine will get, but it'll probably be a bad bet for the fuel conscious. As for availability, expect to see the 6.2-liter trucks in showrooms later in the fall.

GMC explains why the Hummer EV SUV has only 830 horsepower

GMC's 2022 Hummer EV pickup made its debut in late 2020 with a headline-grabbing 1,000-horsepower rating. Its SUV sibling broke cover yesterday with 170 fewer horses, so GMC executives had some explaining to do. Al Oppenheiser, the EV's chief engineer, pointed out that the SUV's wheelbase is about nine inches shorter than the truck's, which is called an "SUT" in GMC-speak. It's also about 20 inches shorter overall. Size matters in the electric car world; GMC can't stuff the SUT's big battery pack in the more compact SUV, and this directly influences power. He added that it would have been possible to build a 1,000-horsepower SUV by making changes to the battery pack's layout. His team would have needed to reduce cargo capacity and get rid of the flat loading floor, which were compromises that engineers were not prepared to make. Ultimately, 830 horses should be plenty for most drivers. "Frankly, we are not sorry that it's only 830 horsepower. There aren't many internal combustion engines that can say that. Will we be able to grow horsepower in the future? We are going to push that capability, and as the technology gets to the point where our batteries are smaller and more efficient, we will improve performance with any chance we get," Oppenheiser said. It helps that the Ultium battery technology GMC uses is extremely modular. Less powerful versions of the Hummer SUV are in the cards, too. At launch in early 2023, the model will exclusively be offered with the aforementioned 830-horsepower drivetrain, which offers around 300 miles of driving range. Pricing will start at $105,595 before options are factored in. Several months later, GMC will release an EV2X variant with up to 625 horsepower, about the same amount of driving range, and an $89,995 price tag before incentives. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. GMC Hummer EV reveal