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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.

2022 Infiniti QX60 to get 295-HP V6, dump CVT for nine-speed auto

Infiniti confirmed Thursday that its redesigned QX60 will ditch its CVT in favor of a newer nine-speed automatic, following its platform cousin, the 2022 Nissan Pathfinder, in adopting an updated powertrain. Though not officially revealed, it should look mostly identical to the QX60 Monograph concept in these photos.  Putting this powertrain in Infiniti's midsize crossover really shouldn't be much of a surprise. Thanks to Nissan, we've already gotten a sneak peak at it care of the 2022 Pathfinder, which will employ the ZF nine-speed paired to the same 3.5-liter V6. The engine is tuned for an extra 11 horsepower (295 vs. 284) in the Infiniti, but we don't expect significant differences between the two when it comes to their fundamentals. Infiniti hasn't yet confirmed whether the QX60 will be offered in both front- and all-wheel-drive configurations, but we have no reason to believe otherwise. The Pathfinder is offered with front-wheel drive standard or an optional, redesigned all-wheel-drive system. It’s a new direct coupling design that can send 50% of available torque to the rear wheels, which Nissan says improves off-road performance. For Infiniti, we expect tuning centered around performance and refinement.  The ZF nine-speed isn't our favorite transmission. Its compact design makes it convenient for all-wheel-drive applications, but its on-road calibration leaves quite a bit to be desired, and many vehicles we've tested with that gearbox have disappointed us with their lack of ultimate refinement and responsiveness. That said, it's still probably an improvement over the CVT, which often seems to merely convert gasoline into unpleasant noises.  "The upcoming, all-new 2022 Infiniti QX60 embraces the tenets of what our brand stands for," said Infiniti Chairman Peyman Kargar in the company's announcement. "Teams from Japan and the U.S. have worked tirelessly to bring the new QX60 to customers as our most refined and advanced three-row crossover yet. The QX60 is a foundation for Infiniti and will bring to life our core philosophies. WeÂ’ll have more to talk about soon, so watch this space." Infiniti promises to formally introduce the 2022 QX60 later this year.

Fisker stock trades halted as talks with Nissan collapse

Fisker's talks with a large automaker for a potential deal have collapsed, it said on Monday amid growing uncertainty for the cash-strapped startup that last week paused electric-vehicle production.  Trading in the shares of the company, which did not name the automaker with which it was in talks, has been halted pending an announcement.  Fisker also said it will not be able to meet a closing condition related to its attempt to raise up to $150 million in funding by selling convertible notes after missing an interest payment.  Separately, Fisker said it would ask investors to vote on a proposal for a reverse stock split at a shareholder meeting on April 24, as it looks to maintain compliance with the Nasdaq's listing norms.  Reuters had reported earlier this month that Nissan was in advanced talks to invest in the company, however, earlier in the day, the Japanese automaker held an event in which it announced a long-term business plan, including its EV strategy, and said it was looking for partners in the United States.  Raising funds has been hard for loss-making electric vehicle startups, which have little in way of revenue as they struggle to ramp up production and deliver to customers, as the companies battle stiff competition and a tough economy.  The EV startup's shares have cratered this year, losing more than 90% of their value, after it flagged going concern risk in February and paused investments in future projects until it secured a partnership with an automaker.  Fisker pivoted to a dealer-partner model earlier this year, after it delivered less than half of the vehicles it made in 2023 due to logistics issues.    Earnings/Financials Fisker Nissan