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U.S. auto sales fall in July, as Detroit dials back on inventory, rental sales

DETROIT — U.S. carmakers said on Tuesday they continued to slash low-margin sales to daily rental fleets in July as General Motors, Ford and Fiat Chrysler Automobiles struggled to curb a slide in retail sales. July is on track to be the fifth straight month in which the annual pace of car and light truck sales declined from the same month a year ago, in part because of fewer fleet sales, analysts and industry executives said. July 2016 sales hit a strong 17.9-million-vehicle pace. GM said the seasonally adjusted annual sales rate fell to an estimated 16.9 million vehicles in July. At midmorning on Tuesday, GM shares were down 3.4 percent at $34.77, Ford was down 2.8 percent at $10.91, and Fiat Chrysler shares were down 0.3 percent at $12.05 in New York. GM sales dropped 15 percent from a year ago to 226,107 vehicles, as the company cut rental fleet sales more than 80 percent. The automaker said inventories of unsold vehicles at month's end were 104 days, down from 105 days at the end of June. GM has promised investors to reduce inventories to 70 days by year-end. Ford said its July sales dipped 7.5 percent to 200,212 vehicles, as it cut fleet sales more than 26 percent. Inventories fell to 77 days from 79 the previous month. Fiat Chrysler said sales dropped 10 percent to 161,477, as it also cut back sales to daily rental fleets. Among the top Japanese companies, only Toyota reported a year-to-year gain, with sales up 4 percent to 222,057 — just 4,000 units behind GM. Honda sales were down 1 percent to 150,980 — its first-quarter sales continuing to decline in North America but seeing a big increase in China. And Nissan sales fell 3 percent to 128,295. GM, Ford and Fiat Chrysler have cautioned that second-half financial results likely will be lower than first-half results, in part reflecting production cuts in North America and pricing pressures. The automakers this year have been deliberately dialing back sales to rental-car companies, which often generate little to no profit, while struggling to keep retail sales from sagging further, according to industry analysts. Industry consultant LMC cut its full-year forecast for new vehicle sales to 17 million vehicles. Automakers sold a record 17.55 million vehicles in the United States in 2016.

Infiniti rolls out new badge, brand experience — even a brand scent

Infiniti kicked off a brand refresh Thursday, showing off a new logo (and corresponding changes to its physical emblems), dealership aesthetic and what brand representatives described as elements of its "multisensory experience." Do you know what Infiniti is supposed to smell like? Well, you're about to learn.  The alterations to the logo are subtle from dead on, but as you can see from our featured image above, its physical form is far more intricate and three-dimensional. This is the fourth generation of Infiniti's signature since the brand was launched in 1989. Yep — Nissan's upscale division is 35 years old this year. Can you believe that? The most significant visual difference is the alterations to the "road" in the center of the logo. Infiniti says this was done to emphasize the notion that the road is endless — infinite, if you will. The clipped point represents the horizon. The physical badges will be illuminated, "boldly" announcing the car's arrival.  "Our aim was to subtly evolve the INFINITI logo in support of the bright new chapter that lays ahead," said Alfonso Albaisa, Infiniti SVP of global design. "Adding greater emphasis to the point where the infinite road intersects with the horizon, we are showcasing our steadfast commitment to always look forward to the future and to new horizons." The new badge will also be accompanied by a new signature scent and signature sound. The former is a blend of Japanese cypress, cedar and yuzu. The sound "creates a sense of anticipation by marrying powerful musical elements with more serene sounds to deliver a harmonious balance" and will be employed in marketing materials, advertising, dealership experiences and other consumer-facing assets.  A new architectural and interior design direction accompanies the update. The aesthetics are based on the Japanese concept of Ma — "a philosophy that considers the space between things," Infiniti said. The result looks modern, sophisticated and convincingly upscale, reminding us of a cross between a Volvo and Mercedes-Benz showroom. Not a terrible place to be.  Infiniti's new look rolls out today across its digital spaces.

Nissan is exploring the sale of its 34% stake in Mitsubishi

TOKYO — Nissan is looking to sell some or all of its 34% stake in Mitsubishi Motors, Bloomberg News reported on Monday, citing unidentified sources, a move that would reshape a three-way alliance that includes France's Renault. Nissan shares rose 5% on the news. Mitsubishi Motors was up 3%. "There are no plans to change the capital structure with Mitsubishi," a Nissan company spokeswoman told Reuters in an emailed statement. A Mitsubishi Motors spokesman said the same, adding the company would continue to collaborate within the alliance. Renault did not immediately respond to an email seeking comment. Nissan, struggling to recover from the pandemic-induced downturn, could sell its stake to a Mitsubishi group company such as Mitsubishi Corp, which already owns a fifth of Mitsubishi Motors, Bloomberg said. Such a deal would fundamentally alter a three-way partnership built by Carlos Ghosn, former chairman of the alliance, which plunged into confusion when he was arrested in 2018 on charges of financial misconduct. Ghosn had wanted a full merger of Renault and Nissan, which was shelved, according to Reuters sources, as the companies decided to fix the troubled alliance. The pandemic has, however, compounded problems and made a recovery hard. Nissan, which is 43% owned by Renault, last week cut its operating loss forecast for the year to March by 28%, helped by a rebound in demand, especially in China. Mitsubishi Motors, Japan's No.6 automaker, expects to post an operating loss of 140 billion yen for the business year. Both companies are cutting production levels and costs in a bid to return to profitability. Related Video: