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China's largest dealer body pushes back against foreign automakers over huge inventories

Do not think for a second that automakers forcing inventory on dealers in order to pad the numbers is a ruse known only in the US. Stories of individual brands have hinted at the trouble Chinese dealerships are having trying to move units as the country's economic growth remains hot but comes off the boil, like the one revealing that 95 percent of Toyota-FAW showrooms are losing money. Yet Toyota isn't the only culprit, and the issue has become so dire that the China Automobile Dealers Association (CADA), the largest dealer body in the country, has written to the government to complain. Chinese car sales are expected to close out the year with an annualized growth of six-percent, down from last year's 14 percent when targets were set, while in the background the pace of overall economic expansion is the slowest its been since the early nineties. Automakers, shipping cars on schedule to make their earlier targets, have blown up inventories such that they are an average of 1.8 times monthly sales, when the preferred multiplier is from 0.9 to 1.2. According to the CADA, the price wars and necessary incentives mean that only 30 percent of dealers are operating in the black. That number is down a whopping forty percent since 2010. In response, Toyota has already said it will not make its 2014 target of 1.1 million cars sold. We're a long way from 2012, when Toyota planned on selling 1.8 million cars in China in 2015, a target that's now as realistic as a manticore. BMW, Honda and Nissan have erased numbers on their spreadsheets, too; BMW growth dropped from 20 percent to 8 percent midyear after it began "reducing wholesale supplies," and Honda has been reworking its plans as sales have decreased each of the past six months. It's a big deal for Chinese dealers to begin protesting publicly, the CADA saying, "In the past, dealers were angry, but dared not speak out. But now, they have to shout because the situation is getting so unbearable." With six-percent growth forecast for next year and dealers unwilling to remain underwater, The Year of the Sheep coming in 2015 could portend meaning beyond the zodiac. News Source: ReutersImage Credit: AP Photo/Andy Wong BMW Honda Nissan Toyota Car Buying Car Dealers

5 highlights from the 2018 Petersen Automotive Museum Auction

From the avant garde exterior design to the collection of vehicles between the walls, the Petersen Automotive Museum in Los Angeles is one of the coolest car museums in the U.S., and possibly the world. Among several others, the Petersen has two featured exhibits, The Porsche Effect and Legends of L.A. But the museum has a different type of viewing coming up at which you could touch, or even buy, a variety of special vehicles. After hosting its SoCal auction on the coast in Santa Monica for several years, RM Sotheby's has moved the event to the more central location of the museum. In addition to several works of art, the auction which takes place the weekend of December 7, will show several dozens of blue-chip vehicles, chosen by RM Sotheby's 30 car specialists. After sorting through lots that range from microcars to new-age supercars, here are five of the highlights that caught our eyes. 1956 Ferrari 290 MM by Scaglietti Projected Value: $22,000,000-$26,000,000 Without question, this is the crown jewel of the entire show. As the eldest and most experienced of the 11 total Ferrari lots, its estimated value of $26 million is more than five times the values of the other five cars listed below combined. From the jump, Ferrari threw the 290 into the line of fire. Starting its life with a four-cylinder 860 Monza engine and a Tipo 520 chassis, its first race was the Mille Miglia. Peter Collins was behind the wheel and racing photographer Louis Klemantaski was his copilot. Ferrari took the top five spots in the race, with this car, chassis No. 0628, finishing second. It went on to see multiple races and took on multiple forms, including a V12 swap at one point. After switching through the hands of multiple owners, it was sent to Ferrari Classiche in Maranello, where it was restored to its form at the time of the 1957 12 Hours of Sebring. It retains its original chassis, original bodywork, and original transmission, and houses the V12 from its 290 MM spec. The restoration was completed in 2015, and the car remains in incredible shape today. 1971 Lamborghini Miura P400 SV by Bertone Projected Value: $2,100,000-$2,500,000 Simply put, the Miura is one of the most significant supercars, and therefore one of the most important cars, of all time. Its two-seat, mid-engined configuration seismically shifted what a performance could and should look like, and its V12 gave it the power to be the fastest car in the world when it debuted.

Recharge Wrap-up: Toyota i-Road and COMS in France, Tesla tours Northeast, EV attitudes in UK

Toyota's i-ROAD and COMS teeny, tiny, city EVs are joining the Citelib carsharing fleet in Grenoble, France. The ultra-compact EVs, which will become available in October, are meant to supplement the Grenoble metropolitan area's existing public transit infrastructure, which includes trams, buses and trains. Toyota's i-ROAD and COMS will be connected to the transit systems IT infrastructure, allowing users to visualize their route on their smartphone or computer, and reserve and pay for their car before they get dropped off near the charging station (or the other way around). Then, the user finishes (or begins) their trip with one of the EVs. Surveys show that use of public transport is increasing in Europe, but most users still have to walk 15 minutes or so to reach their destination. Adding the i-ROAD and COMS carsharing service to their commute makes the trip into the city center quicker and more flexible, while keeping the air clean. See more below. Toyota is providing 70 vehicles to the Citelib program as part of a three-year test, while French energy company EDF is contributing 30 charging stations to the project. The i-ROAD is a three-wheeled EV that seats two people, and it features Active Lean technology for stability and comfort in the corners. Its footprint is about one-fourth that of a regular car. The four-wheeled COMS EV seats one, but also features a small storage compartment in the rear. The Tesla Model S is going on tour throughout the Northeastern US to give test drives to the public. Beginning July 4 in Montauk, NY, and ending August 30 in Vergennes, VT, people will get the chance to take a 15-minute spin in what many consider to be the best electric car available as part of Tesla's Fully Charged tour. If you live in New York, New Jersey, Massachusetts, Maine, Connecticut, New Hampshire or Vermont, the Model S may be coming to a town near you (check the schedule here) and you'll get the chance to drive the car with a product specialist in the passenger seat to answer your questions. You can even bring up to three guests in the back seat. So if you live in one of the states where Tesla can't sell cars or doesn't have a store, this is your chance to get to know the vehicle and decide if you want to buy one. Or you can just see what it feels like to silently go from 0-60 in 4.2 seconds (hint: it's pretty cool). A UK Survey shows five percent of people there are considering buying an electric vehicle.