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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.

Minivan market not what it used to be, but margins make up for it

Residual values for last year's minivans are higher than they were in 2000.
Much like the station wagon was the shuttle of Baby Boomer generation, the minivan has been the primary means of transport for Generations X and Y. Just as the boomers abandoned the Country Squire, though, those kids that were toted around in Grand Caravans and Windstars are adults, and they certainly don't want to be seen in the cars their parents drove.

Recharge Wrap-up: Automakers talk connected cars, Toyota's CNG hauler

Tesla, Toyota and General Motors addressed the House Subcommittee on Information Technology about the security and benefits of "The Internet of Cars." Tesla put forth four suggested security principles for the security of connected cars. Those include standard cryptography ("signing") used by automakers, measures to prohibit direct connection over the internet, isolation of a car's networked systems from its mechanical systems and standard encrypted communications protocols. Tesla VP of Business Development Diarmuid O'Connell also urged against "overly restrictive regulation." O'Connell says, "Regulation at a time of rapid innovation runs the risk of limiting the realization of the full extent of safety advances." See the hearing in the video above, and read more at Teslarati. Details over the rollout of new DC fast chargers by NRG eVgo and BMW leave some i3 owners disappointed. The partners will add 500 fast-charging sites to the eVgo network in 25 cities by the end of 2015. The "Fast Combo" chargers will be available to use for free for BMW i3 customers for 24 months. The free charging only applies to new buyers, though, leaving behind some 15,000 current i3 owners. Still, many EV drivers – not just BMW owners – will benefit from the ability to charge quickly in more places. Read more at Green Car Reports. Toyota has announced its first CNG car hauler. The automaker's in-house transport company, Toyota Transport, will operate the truck out of Long Beach, California. The truck, which Toyota says emits 85 percent less particulate matter and 10 percent less CO2, will drive about 7,000 to 8,000 miles per month. "We started exploring the CNG option more than three years ago, and it has been worth the wait," say Toyota Transport Compliance Senior Analyst Kirk Welch. "Natural gas is the cleanest burning fossil fuel and will help Toyota advance our environmental efforts to reduce fleet emissions." Read more in the press release below. Making Your New Toyota Run Cleaner Before You Even Start It Toyota's Latest Car Hauler Runs on Compressed Natural Gas November 23, 2015 TORRANCE, Calif. (Nov. 23, 2015) – Toyota Transport, the automaker's in-house vehicle transportation trucking company, now has its first car hauler that runs on Compressed Natural Gas (CNG). The Long Beach, CA based truck/trailer does what any other car hauler can do, except it does it while emitting 85 percent less overall particulate matter and 10 percent less carbon dioxide.