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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.

US Congress lets $8,000 hydrogen vehicle tax credit expire

When Toyota introduced the 2016 Mirai last month in preparation for a launch late next year, it said that the hydrogen car will have a $57,500 MSRP and that there will be a federal tax credit available worth up to $8,000. The problem, as we noted at the time, is that that federal credit was set to expire at the end of 2014. The technical language of the current rule says that someone who buys a fuel cell vehicle, "may claim a credit for the certified amount for a fuel cell vehicle if it is placed in service by the taxpayer after Dec. 31, 2005, and is purchased on or before Dec. 31, 2014." With the 113th Congress now finished up for the year and legislators headed home for the holidays, we know one thing for certain: the federal tax credit for hydrogen vehicles was not updated and will end as we're all singing Auld Lang Syne next week. All of this isn't to say that Mirai buyers won't be able to take $8,000 off the price of the car 12 months from now. For proof of that, we only need to look at other alternative fuel tax incentives and realize that this Congress simply isn't moving fast enough to deal with things that are expiring right now. One of the last things that the 113th Congress did in December was to take up the tax credits that expired at the end of 2013 and renew some of them. Jay Friedland, Plug In America's senior policy advisor, told AutoblogGreen that PIA and other likeminded organizations worked with Congress to extended the electronic vehicle charging station (technically: EVSE) tax credit that was part of the Alternative Refueling Tax Credit in IRS Section 30(C) through the end of 2014. "Individuals can deduct 30 percent of the cost of purchasing and installing an EVSE up to $1,000; businesses, 30 percent up to $30,000," he said. "This tax credit is applied to any system placed into service by 12/31/14 and is retroactive to the beginning of the year. So go out and buy your favorite EV driver an EVSE for the holidays," he said. An electric motorcycle credit was killed at the last minute as Congress was getting ready to leave, but H.R. 5771 did extend the Alternative Fuels Excise Tax Credits for liquefied hydrogen and other alternative fuels. These sorts of tax credit battles happen all year long. In July, Blumenthal introduced the Fuel Cell and Hydrogen Infrastructure Act of 2014, which never got out of the Finance Committee. Back to the hydrogen vehicle situation.

Toyota adds more than 1.1 million vehicles to previous fuel pump recall

A Toyota and Lexus recall that previously listed nearly 700,000 potentially affected vehicles has been amended to include more than 1.1 million new rides. Overall, more than 1.8 million cars, trucks, crossovers, and SUVs are part of a voluntary recall regarding fuel pumps that might stop working.    On January 13, 2020, Toyota announced a safety recall for 695,541 Lexus and Toyota models. It included the Toyota 4Runner, Camry, Highlander, Land Cruiser, Sequoia, Sienna, Tacoma, Avalon, Corolla, and Tundra, plus the Lexus LS 500, LC 500, RC 350, RC 300, GS 350, IS 300, ES 350, LX 570, GX 460, RX 350 NX 300, RX 350L, and GS 300. The Avalon, Corolla, NX 300, RX 350L, and GS 300 in the initial recall were specifically 2019 model years, while the rest were 2018-2019.  Today, March 4, 2020, Toyota stated it has expanded the recall to approximately 1.8 million vehicles total. Toyota did not provide a specific number, but here is the full list of potentially affected cars:  2013-2015 Lexus LS 460 2013-2014 Lexus GS 350 2014 Toyota FJ Cruiser, Lexus IS-F 2014-2015 Toyota 4Runner, Land Cruiser; Lexus GX 460, IS 350, LX 570 2015 Lexus NX 200t, RC 350 2017 Lexus IS 200t, RC 200t 2017-2019 Toyota Sienna; Lexus RX 350 2018 Lexus GS 300 2018-2019 Toyota Avalon, Camry, Corolla, Highlander, Sequoia, Tacoma, Tundra; Lexus ES 350, GS 350, IS 300, IS 350, LC 500, LC 500h, LS 500, LS 500h, RC 300, RC 350, RX 350L On these vehicles, a low-pressure fuel pump inside the fuel tank could fail. If this fuel pump fails while the vehicle is in use, the vehicle could sputter and stall. Without warning of the impending malfunction, other than some lights on the dashboard, this could present a dangerous situation for the driver.  For all affected vehicles, Toyota and Lexus will replace the faulty parts with "improved" fuel pumps. Notifications will start in May. Recalls Lexus Toyota