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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.

Editors' Picks, May 2023: Some Subarus and a pair of luxury SUVs

The month of May saw a number of new vehicles jump into the pool of Editors' Picks. Subaru grabbed a pair with its brand-new generation of Crosstrek for 2024, and the Legacy earns one in the ever-shrinking midsize sedan segment. In the luxury space, we have one entry from Britain and one from here at home. The new Range Rover already got an Editors' Pick, but now the Range Rover Sport joins the ranks. The Corsair earned Editors' Pick status before its update, too, but now the refreshed version rejoins the ranks. In case you missed our previous Editors' Picks posts, here’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get an EditorsÂ’ Pick designation. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in May that earned an EditorsÂ’ Pick. 2023 Subaru Legacy 2023 Subaru Legacy View 15 Photos Quick take: The Legacy brings all-wheel drive with sedan dynamics to a shrinking segment, and it does so with a competitive price, respectable tech and tons of utility. Score: 7.5 What it competes with: Honda Accord, Nissan Altima, Toyota Camry, Hyundai Sonata, Kia K5 Pros: All-wheel drive in every trim, spunky turbo engine, tons of space in the rear and trunk Cons: CVT makes for a dull drive, infotainment is clunky, styling is on the bland side From the editors: Associate Editor Byron Hurd — "Not everybody has abandoned sedans. Not only is Subaru keeping some of its eggs in this four-door basket, but it's dyeing them in some festive shades. The new turbocharged and tightened Sport model makes a great case for itself as a grown-up WRX without all the GT-themed nonsense. Shame about the CVT." In-depth analysis: 2023 Subaru Legacy gets Sport trim, more tech, fresh design   2023 Range Rover Sport Quick take: It may not be outwardly sporty, but the Range Rover Sport has a killer design, gorgeous interior, buttery-smooth driving characteristics and a clean tech interface.

2020 Lincoln Corsair First Drive | Compact 'American luxury'

SAN FRANCISCO — Lincoln almost left the building. Word is that former Ford CEO Alan Mullaly, who had come from the airline business and did not have any special affection for historically significant auto brands, was ready to kill off Lincoln after Ford divested itself of its European luxury portfolio. Other Ford executives were able to persuade him to keep it, but then had to come up with a way to make the division relevant. Selling warmed-over Fords wouldnÂ’t cut it going forward, and attempting to emulate the Germans (as Cadillac has tried to do) didnÂ’t seem viable. It was decided Lincoln would proffer “American luxury,” but what did that mean? The 2020 Lincoln Corsair is the latest answer to that question. Like its preceding bigger siblings, the Navigator and Aviator, it offers true design differentiation from Ford with a look all LincolnÂ’s own, and an emphasis not just on luxury features but a better ownership experience. Proper names are back too, which is why we're reviewing the "Corsair" and not the second-generation MKC. Like that predecessor, the Corsair shares its architecture with the Ford Escape, albeit the all-new version. Despite their common bones, none of the body panels are the same. Instead, the look is right at home with the brandÂ’s larger SUVs, featuring many of the same styling cues that include the now-familiar Lincoln grille, gently tapered roofline, blacked out pillars and long, slim taillights  The Corsair has more sculpted flanks and a more pronounced shoulder, but the resemblance to the Aviator in particular is strong, and it's no surprise that both SUVs were penned by the same man: Kemal Curic, who has now ascended to the head design spot at Lincoln. Compared to the MKC, overall length is 1.4 inches greater, the wheelbase is 0.8 inch longer, and the vehicle is 1.1 inches lower. That puts the CorsairÂ’s exterior dimensions between the Audi Q3 and Q5 or the BMW X1 and X3. Its closest dimensional doppelganger is the Cadillac XT4, which will likely be its closest rival. The CorsairÂ’s interior echoes the exterior design with a horizontal theme that makes the cabin feel bigger. Vents stretch across the dash, and above them (in the Reserve model) is an inset band of striped silver metallic trim. The center stack floats above the console, making for an airier environment and leaving room for additional stowage, which is plentiful.