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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.

GMC Hummer EV reservations hit 90,000

We spoke with GMC's marketing director, Rich Latek, at the Detroit Auto Show, and he revealed that interest in the GMC Hummer EV is still extremely strong. Reservations keep climbing, with the total topping 90,000. Not only that, but people are following through on orders. The 90,000 reservation number is impressive in and of itself, but what's also interesting is that the rate of reservations has been growing. Latek said that in the past few quarters, the number of reservations has been greater than each before it. And, for reference, the reservations are for both the pickup truck and SUV versions. Furthermore, people that are making Hummer reservations are following through on purchases. He said that just over 90% of reservation holders are converting their reservations to actual orders. He also mentioned that many of these orders are for higher trims. The Hummer EV is still in the middle of a drawn-out rollout. The SUV will finally go into production in the first quarter of next year. The EV3X trim of the pickup, the highest after the First Edition models, goes into production this fall. EV2X follows this coming spring, and then the base EV2 is coming in the spring of 2024. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2023 GMC Hummer EV Review | Back and better than ever

2020 GMC Sierra HD caught in double-cab, low-trim gas-engine guise

Naturally when the 2020 GMC Sierra HD was revealed, GMC picked the flashiest, most-impressive Denali model with the big crew cab configuration and diesel engine. But obviously not all will be equipped that way, so it's exciting to see a lower trim model like the truck above. This 2020 GMC Sierra HD is a more modest SLT trim model equipped with the gas V8 and lacking the MultiPro tailgate. Styling doesn't take a hit with the shorter shape, and arguably, it looks more athletic without so much metal between the wheels. The length is the only real difference, with the rest of the sheetmetal just as chisled on the bigger version. Interestingly, this gas-powered Sierra HD still has a big hood scoop from its diesel sibling. On the current GM heavy duty trucks, only the diesel models get a scoop, and it's specifically for getting more cool air to the intake. The Silverado HD may continue this differentiation, but GMC is clearly keeping it for all models. When the Sierra HD goes on sale this summer, it will be available with either a 6.2-liter gasoline V8 like in this truck, or a 6.6-liter turbodiesel V8 making 445 horsepower and 910 pound-feet of torque, the same as the current model. All models get bedside steps, and the MultiPro tailgate is available either as standard or an option with all trims. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.