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Trucks, SUVs — and Camry — shine in mixed U.S. January vehicle sales

DETROIT — Automakers posted mixed U.S. new vehicle sales data for January, with American consumers continuing to abandon passenger cars for the larger pickup trucks, SUVs and crossover models that manufacturers also love because they are far more profitable. Total industry auto sales for the month rose 1 percent versus January 2016. According to Autodata Corp, which tracks industry sales, the seasonally adjusted annualized rate (SAAR) of U.S. car and light truck sales in January fell to 17.12 million units from 17.44 million a year earlier. Analysts polled by Reuters had expected a January SAAR of 17.2 million units. U.S. auto industry sales fell 2 percent in 2017 to 17.23 million vehicles after hitting a record high in 2016 and are expected to drop further in 2018 despite a solid economy. Interest rates are rising and around 4 million late-model used cars will return to dealer lots this year to compete with more expensive new ones. Automakers have used consumer discounts to boost sales, a growing concern for observers who say this undermines resale values and profits. Discounts declined in January, but remained above 10 percent of manufacturers' recommended prices. ""I think the industry has accepted that (sales) volumes will fall somewhat in 2018 ... and I don't think the industry is going to go over the cliff with insane incentives," Mike Jackson, chief executive officer of AutoNation Inc, told Reuters after his company, the largest U.S. auto retail chain, posted a higher quarterly net profit. Mark Wakefield, head of the North American automotive practice for consultancy AlixPartners, had a gloomier perspective. The industry's less-than-stellar sales performance for January showed "we are now past the peak," he said. "Automakers are now selling the deal instead of the vehicle," he said. "That's a tough spot to be in because that treadmill is hard to get off once you're on it." General Motors January sales rose 1.3 percent, driven by a 16 percent rise in fleet sales. Sales to consumers fell 2.4 percent. GM posted strong gains for models such as the Silverado pickup truck and Equinox crossover model, while its passenger cars continued to struggle. Ford The Blue Oval posted a 6.6 percent sales decline for January, with retail sales down 4.3 percent. Sales of Ford's F-Series pickup trucks - America's best-selling vehicle brand for decades — rose 1.6 percent. Passenger cars were down more than 23 percent.

Trump tells Detroit 3 CEOs he wants more US jobs, calls environmentalists 'out of control'

As expected, President Donald J. Trump met with top executives from FCA, Ford, and General Motors this morning as part of a larger push to generate jobs in America. "I want new plants to be built here for cars sold here!", Trump said in a tweet ahead of the meeting. Not everything said in the meeting was made public, but the President later tweeted that he had a "Great meeting with automobile industry leaders." FCA CEO Sergio Marchionne, Ford chief Mark Fields, and GM's Mary Barra all echoed the positive vibes after the meeting. In a statement, Barra called the discussion "very constructive and wide-ranging," adding that it focused on "policies that support a strong and competitive economy and auto industry," and "that supports the environment and safety." That's noteworthy, because Trump is reported to have said "I am to a large extent an environmentalist. I believe in it, but it's out of control." Fields, speaking to reporters after the meeting, said, "We're excited about working together with the president and his administration on tax policies, on regulation and on trade to really create a renaissance in American manufacturing." The Ford CEO was specifically talking about Trump's withdraw from the Trans-Pacific Partnership. "We've repeatedly said that the mother of all trade barriers is currency manipulation, and TPP failed in meaningfully dealing with that, and we appreciate the president's courage to walk away from a bad trade deal," he said. Marchionne focused on American manufacturing in his statement after the meeting. "I appreciate the President's focus on making the US a great place to do business. We look forward to working with President Trump and members of Congress to strengthen American manufacturing." Perhaps equally as interesting as what was said and who was invited are what wasn't said and who wasn't invited. Trump has been very vocal about his distaste for US automakers' plants in Mexico, but no mention was made of the North American Free Trade Agreement by Trump or any of the Detroit CEOs after the meeting. We also have to wonder if Trump plans to meet with representatives from German, Japanese, and Korean automakers that have made massive investments into American plants and produce a large number of cars in this country. Related Video: News Source: Reuters, General Motors, Fiat Chrysler Automotive, Donald J.

Fiat talking with banks about buying rest of Chrysler

All that stands in the way of Fiat's total ownership of Chrysler is a 41.5-percent stake currently held by the United Auto Workers healthcare trust, but according to SFGate.com, Sergio Marchionne is currently trying to raise the capital to complete the acquisition. The article says that a deal could be completed in as soon as 12 months, and the estimate for the remaining stake could cost Fiat SpA around $2.98 billion.
With a goal of completing the deal by the end of 2014, Marchionne is said to be in talks with various banks to help finance some of the deal. According to the report, the banks have indicated a need for a stronger balance sheet, controlled debt and reserve cash.
Two things that don't seem to be on the table to get the deal completed include issuing new shares to raise the capital or selling a stake in Ferrari. Fiat started with a 20 percent share of Chrysler in June 2009, and it raised its stake up to 58.5 percent in January 2012.