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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 adds stylish new Elevation model to 2019 Sierra lineup

GMC has announced a new style-forward model for its forthcoming 2019 Sierra pickup. It's called the Elevation and it will be based off the Sierra double-cab model with a new turbocharged engine, aimed at buyers who want a little panache with their rugged capability. GMC marketing director Rich Latek says the Elevation "conveys a youthful, athletic presence" with the pickup's chiseled fenders and assertive, upright hood. As such, the Elevation gets body-color-matching door handles, bumpers and grille surround, plus black exterior accents like the grille insert, tow hooks, side window trim and standard 20-inch aluminum wheels. Headlights, tail lights and fog lamps will be given the LED treatment, with the former getting the new C-shaped designs that have already been unveiled on other trim levels. It will be offered in two- or four-wheel-drive configurations, with nearly 3 inches more leg room than the current model. A traction select system will use a dial that drivers can set to preset driving modes to adjust transmission shift points, throttle mapping and other systems. An X31 Off Road package will be offered and boasts tuned suspension, a locking rear differential, protective skidplates, dual exhaust and other features. Also available will be a ProGrade Trailering System that includes a Trailering App to help connect and tow a trailer, on top of additional tie-down points, enhanced cargo lighting and other perks for hauling camping or recreational gear. Inside will be a standard 8-inch infotainment system compatible with Android Auto and Apple CarPlay with a six-speaker audio system, plus USB Type A and Type C ports for charging mobile devices. As for the powertrain, it will come with an all-new 2.7-liter turbo inline-four engine that makes 310 horsepower and 348 pound-feet of torque paired with an eight-speed automatic transmission. Also available is a 5.3-liter V8 that uses a new efficient fuel management system that enables it to operate on anywhere from one to all eight cylinders, depending on demand. In early 2019, a new 3.0-liter turbo-diesel inline-six will also be offered, mated to a 10-speed automatic. The Elevation adds to Sierra models like the SLT and Denali that GMC unveiled earlier this year. The company has shaved as much as 360 pounds off the new 2019 model — plus more from the Denali, thanks to carbon fiber in the bed box — so fuel economy should see a boost, too. It goes on sale in the fall.

2024 GMC Hummer EV pickup gets a price hike - with a catch

Watching auto industry MSRPs move around is like watching the Vegas big board for odds, the numbers almost always going against the folks laying down the money. In yet another sign of the times, a few trims of the 2024 GMC Hummer EV SUT — that's the pickup — are seeing additional price increases. A little more than a year ago, GMC increased prices by $6,250 for the EV2, EV2X, and EV3X trims due to the rising costs of parts. Those joining the lengthy reservation list also found the automaker also increased the destination charge from $1,995 to $2,295. The 2024 Hummer EV configurator doesn't list the EV2 yet, so its $86,245 suggested sticker price may yet hold up. The MSRPs for the rest, and their changes from the most recent pricing, are: EV2X: $98,845 ($1,600) EV3X: $106,945 ($700) EV3X Omega Edition: $150,295 ($300)  Taking a longer view back to December 2021 reveals just how far the bar has moved. At that time, the EV2 was predicted to cost $79,995, the EV2X was going to go for $89,995, and the EV3X for $99,995. The 2024 Hummer EV3X now costs more than the 2022 Hummer EV Edition 1, which started at $112,595 after destination. The Edition 1 came with the 24-module extended-range Ultium battery pack that's now a $9,995 option on the EV3X; the price above is for a 20-module pack, one of the new features for 2024. The EV3X Omega Edition and its Neptune Blue paint not only blows everything else out of the water price-wise, its feature set could make even Edition 1 buyers blue with either sadness or envy.   The good news? GMC is offering discounts for early reservations. Per the GMC configurator, at the moment, buyers who reserve an EV2X will get an $8,150 instant discount, buyers wanting an EV3X will get a $6,250 discount. These effectively wipe out the new price rises and last year's price increases, taking the 2X down to $90,695 and the EV3X down to $100,695. The savings could be enticements to get people in the reservation line. With tens of thousands of reservations already in the books and threads on forums like Hummerchat wondering if anyone's seen the EV2X trim that was due earlier this year, it might be a while yet before an order turns into a Hummer EV.  Related Video This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.