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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 CEO Mary Barra predicts mass electrification will take decades

General Motors is allocating a substantial amount of money to the development of electric technology, but Mary Barra, the firm's CEO, conceded that battery-powered cars won't fully replace their gasoline-burning counterparts for several decades. She stressed the shift is ongoing, but she hinted it will be slower than many assume. "We believe the transition will happen over time," affirmed Barra on "Leadership Live with David Rubenstein," a talk show aired by Bloomberg Television. She added that not every car will be electric in 2040. "It will happen in a little bit longer period, but it will happen," she told the host. She was presumably talking about the United States market; the situation is markedly different in Europe and in China, where strict government regulations (and even stricter ones on the horizon) are accelerating the shift towards electric cars. On the surface, it doesn't look like General Motors has much invested in electrification; the only battery-powered model it sells in America in 2020 is the Chevrolet Bolt (pictured), which undeniably remains a niche vehicle. Sales totaled 16,418 units in 2019, meaning the Corvette beat it by about 1,500 sales. In comparison, Cadillac sold 35,424 examples of the aging last-generation Escalade during the same time period. And yet, the company isn't giving up. It has numerous electric models in the pipeline including a slightly larger version of the aforementioned Bolt, the much-hyped GMC Hummer pickup, and an electric crossover assigned to the Cadillac brand. These models (and others) will use the Ultium battery technology that General Motors is currently developing. Its engineers are also working on a modular platform capable of underpinning a wide variety of cars. Bringing these innovations to the market is a Herculean task. EVs may not take over for decades, but Barra and her team must believe their 2% market share will increase significantly in the coming years if they're approving these programs. Autonomous technology is even costlier, more complicated, and more time-consuming to develop. Barra nonetheless expects to see the first General Motors-built driverless vehicles on the road by 2025. "I definitely think it will happen within the next five years. Our Cruise team is continuing to develop technology so it's safer than a human driver. I think you'll see it clearly within five years," she said on the same talk show. Her statement is vague but realistic.

GMC Hummer EV EarthCruiser upfit finally here, for going out there

The GMC Hummer EV EarthCruiser upfit can now be seen in the wide open bright light, the battery-electric overlanding rig soon available to Hummer EV pickup owners to head back into the bush for extended stays. The camper's made of carbon fiber and features EarthCruiser's hallmark pop-top roof. When closed, the camper takes the Hummer EV's 79-inch stock roof height up to 90 inches. Springing the three-layer, insulated roof to bivouac increases height to 117 inches. The upfit keeps the Hummer EV's 217-inch length, and it appears the side storage bins don't extend beyond the 87-inch width of the electric pickup's wheel arches. The driver's side exterior bin holds recovery gear, the passenger's side storage holds tanks for filtered water.  Sized to sleep two people, there's a full-sized RV bed with 35 inches of headroom under the raised top. Tall outdoorsy types are well served by the 76 inches of headroom standing in the hallway, and 80 inches at the rear entrance. Power comes from 605 watts of solar panels on the roof, energy stored in a 12-volt lithium battery array that adds up to 6 kilowatt-hours or 460 amp-hours of energy, running through a 1,500-watt inverter. EarthCruiser says the batteries will be enough to juice hungry appliances like the refrigerator/freezer combo for about a week. That means owners would need to be more careful with water than with power, there being a 13.5-gallon freshwater tank — which the sun can't refill — and a seven-gallon gray water hold. Other amenities include an induction cooktop, sink, filtered and unfiltered water taps, flat-pack toilet, indoor and outdoor showers and 12-volt water heater, 120-volt and 12-volt outlets, and lots of dimmable lighting. Liveaboards control the interior through a seven-inch touchpad. Outside, an exterior keypad manages exterior lighting and systems. No mention of an indoor heater, but there's plenty of storage in the galley drawers and cabinets, and under the bed for a portable unit.   The GMC Hummer EV EarthCruiser upfit greets the public at this weekend's Overland Expo Mountain West in Loveland, Colorado, welcoming all gawkers from August 25-27. Pricing should come later this year, before EarthCruiser begins offering the unit to owners next year. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.