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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.

European car sales up 8% in February

Three weeks ago an analyst increased projections for European car sales this year, expecting them to climb three percent compared to last year instead of 2.7 percent. That number is a postive sign after years of hard times but it turns out February was especially good, overall European sales climbing eight percent on a wave of southern European recovery and discounts - and this comes after five months of gains including January's 7.2-percent jump over the year before.
The only country of Europe's five largest markets to post a decline was France, just as it did in January, Germany, the UK and Italy posting solid double-digit numbers, Spain rocking the charts with an 18-percent increase because of a government program to encourage trade-ins.
The only brand to miss the wave was Volkswagen, dropping 0.8 percent as it watched the double-digit growth at sister brands Audi, Seat and Skoda lift the Volkswagen Group sales up by seven-percent. Peugeot overcame flat sales at Citroën to improve the group by 3.5 percent, BMW and the Mercedes-Benz/Smart combo rose by four percent, the Fiat group jumped 5.8 percent, Ford was up 11 percent, the Renault Group 11.5 percent, General Motors 12 percent and the Toyota clan by 14 percent.

Toyota recalls 1.37 million more vehicles for Takata airbags

Toyota is expanding its passenger-side Takata airbag inflator recall campaign by an additional 1.37 million vehicles in the United States. The models covered under this broadened recall are the 2003-2007 Corolla, Matrix, and Lexus SC430; the 2005-2006 Tundra; and the 2005-2007 Sequoia. In total, Toyota says that this expansion brings the number of its vehicles covered under the Takata inflator recall in the US to 2.915 million. For these latest models, owners will be notified by mail soon. The move is similar to a recent decision by Honda to broaden its recall list. As with millions of other vehicles covered under these recalls, it's possible for exposure to moisture to cause the inflator to ignite too quickly in an airbag deployment. This can cause shrapnel to be sprayed at occupants. At least seven deaths have been potentially linked to these ruptures worldwide. TOYOTA EXPANDS TAKATA AIRBAG SAFETY RECALL TORRANCE, Calif., June 16, 2015 – Toyota Motor Sales, USA, Inc. today announced that it is expanding its recalls involving Takata front passenger airbag inflators. Based on recent information from Takata and the National Highway Traffic Safety Administration (NHTSA), Toyota will recall approximately 1,365,000 additional 2003-2007 Corolla and Corolla Matrix; 2005-2006 Tundra; 2005-2007 Sequoia; 2003-2007 Lexus SC430 vehicles. This brings the total number of Toyota and Lexus vehicles covered by Takata recalls in the U.S. to approximately 2,915,000. In the involved vehicles, the front passenger airbag inflators could potentially be susceptible to rupture when deployed and seriously injure vehicle occupants. "Toyota's focus remains on the safety and security of our customers, and we will continue to respond promptly to new developments so we can resolve issues for them as quickly, conveniently and safely as possible," said Dino Triantafyllos, chief quality officer, Toyota Motor North America. Multiple investigations into the root cause of the potential for inflator rupture are taking place, including by Orbital ATK, an independent engineering firm commissioned by an industry-wide joint testing initiative comprised of the ten automotive manufacturers conducting Takata-related recalls. All known owners of the affected Toyota / Lexus vehicles will be notified by first class mail to return their vehicles to a Toyota / Lexus dealer. The dealer will replace the airbag inflator with a newly manufactured one.