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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.

2020 Lexus LS 500h Drivers' Notes Review | Be it blue or red, it's excellent

This is not your grandmother's gold Lexus LS. It's not your other grandmother's hybrid, either. The 2020 Lexus LS 500h represents the biggest step forward in terms of driving dynamics, style and pure luxury for a model line that has largely been known for dependability and craftsmanship. It should satisfy those elements too, but now, there's a lot more to tickle the right side of the brain.  We got a chance to sample two different LS 500h versions: one blue, one red; one with a $12,250 Luxury back seat package, one without; one in Oregon and one in Michigan. The blue car hit the register with a sticker of $107,355, including enhanced accident avoidance tech, an adaptive air suspension, 20-inch wheels, a massive head-up display, a 23-speaker Mark Levinson system, and a few trim upgrades. The red car was similarly equipped apart from optional 19's and swapping a $3,730 Interior Upgrade package that basically has the same front seat and trim upgrades as the $12,250 Luxury package, but leaves the back seat be. Both provided far more equipment for the money than the German competitors would.  lexus-ls500h-red-1 View 4 Photos Senior Editor, Green, John Beltz Snyder: I already miss the Matador Red LS 500h we had in Michigan. I had it for a full week and genuinely enjoyed it. It's a hybrid, and a really good one, providing efficiency when you want it and plenty of power when you need it. I found all the modes genuinely useful. Normal is well balanced. I used Eco when I was stuck in traffic to safe fuel. The Comfort mode helped keep my carsickness-prone wife happy when we ran around town together. Sport is very satisfying, but not so hardcore to make it a niche use case. Sport+ is the best way to enjoy the lovely song of the 3.5-liter V6, but still wasn't so extreme to relegate it to the briefest moments of passionate driving. Once I got used to the placement of the mode selector — on the right of the instrument cluster housing, which helps keep your eyes forward — I made good use of it. The LS hybrid has that trick transmission — a magical union of CVT and four-speed automatic — as part of the Multi-Stage Hybrid System that won our Tech of the Year award as tested in the Lexus LC 500h back in 2018. It's a sweet complement to the soulful V6 underhood, and provides a nice experience when left to its own devices or when using the paddle shifters to switch among 10 effective gear ratios. It works quickly, smoothly, and efficiently all at once.

2021 Lexus IS shows its rear end, gets a new unveiling date

Lexus was set to introduce the next-generation IS on June 9, but it postponed the event to respect "the recent global situation," meaning worldwide protests in the wake of George Floyd's death in police custody. Now Lexus has rescheduled the unveiling, and given us our first look at its next entry-level sedan. The model's global debut is scheduled for at 7 p.m. Eastern time June 15, which is 4 p.m. for West Coasters. The unveiling will take place online, and the company will stream it live on its various social media channels. Lexus published a five-second preview video to give us a fleeting look at the 2021 IS. Although the front end remains hidden, the preview reveals that thick chrome trim surrounds the side windows, and that the elongated rear lights are connected by a thin light bar. It's a styling cue that should emphasize the compact sedan's width. We know the next-generation IS will carry on with rear-wheel drive, though all-wheel drive will again be offered at an extra cost, and the video confirms the IS 350 nameplate will return. It's too early to tell what it will denote, however. Earlier, unverified rumors suggest the model will gain a 3.0-liter straight-six engine sourced from BMW and shared with the Z4 and the Toyota Supra, among other models. Other reports affirm the range will consist of a turbocharged four-cylinder, a naturally-aspirated V6, and, at the top of the range, a new-for-2021 5.0-liter V8. Lexus has offered a V8-powered IS before; it introduced the terrific IS F at the 2007 edition of the Detroit Auto Show and kept it in production until 2014. The V8-powered model allegedly due out in the coming months won't pick up where the IS F left off, however. It will be named IS 500, so it won't be a full-fledged F-tuned model. 500 corresponds to 5.0 liters of displacement, and the current, 350-badged IS is powered by a 3.5-liter V6. While this naming system seemingly discredits rumors of a BMW-built 3.0-liter six, keep in mind Lexus emblems aren't always pegged to an engine's displacement. The entry-level 2020 IS 300 is equipped with a 2.0-liter four-cylinder. Will Lexus stick to tradition, or will it invite BMW to a game of musical emblems? We'll know when the veil comes off the next IS in a few short days. It's expected to arrive in American showrooms before the end of 2020 priced in the same ballpark as its predecessor, which starts at $38,560.