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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.

Ford recalls over 500,000 trucks and SUVs, including Explorer, F-150, and Lincoln Aviator

For the second time in a month, Ford is recalling the brand-new 2020 Explorer and 2020 Lincoln Aviator for minor safety issues. This recall, which also affects certain 2018-2020 Ford F-150s, 2019-2020 Ford F-Series Super Duty trucks, 2018-2019 Ford Explorers, and 2019-2020 Ford Expeditions, pertains to potentially faulty seat-back reclining mechanisms. In total, the recall touches 550,186 vehicles. A mechanical part meant for relaxation and comfort has the Ford Motor Company stressin'. Ford says potentially affected vehicles might be missing the "third pawl required for seat-back strength" in the reclining mechanisms on certain seats. Because of this, the seats might not properly keep a person in place during the event of a crash or otherwise.  In the F-150s, F-Series Super Duty trucks, 2018-2019 Explorers, and Expeditions, the recall affects vehicles with manual driver and/or front passenger seat-back recliners. On the 2020 Explorers and Lincoln Aviators, rear outboard seats with manual recliners are of concern. Of the more than 550,000 vehicles, 483,325 vehicles are in the United States, 58,712 are in Canada and 8,149 are in Mexico. Thus far, Ford is not aware of any injuries from the issues. Ford says it expects most vehicles will not need repair, but dealers will inspect the seat structures out of precaution. If fault is found, dealers will replace the seat structure altogether. For this recall, Ford's reference number is 19C07. Contact your dealer for more information. Featured Gallery 2020 Ford Explorer View 47 Photos Recalls Ford Lincoln Truck SUV

Ford announces two recalls, 442k vehicles affected in North America

Ford is announcing two recalls for North American that affect a total of 442,300 vehicles and multiple model lines. The larger campaign covers the possibility of electric power steering systems that can fail in the 2011-2013 Ford Flex, Taurus, Lincoln MKS, and MKT; the 2011-2012 Ford Fusion and Lincoln MKZ; and the 2011 Mercury Milan. This recall affects 422,814 vehicles in North America, including 393,622 in the United States, 25,195 in Canada, and 3,997 in Mexico. According to the company, an intermittent electrical connection can cause the power steering to cut out, although manual steering would still work. Ford knows of four minor accidents from this issue, but there are no injuries. Depending on trouble codes from the vehicle, dealers will either upgrade software for the power steering control module or replace the steering gear. The second recall covers 19,486 examples of the 2015 Ford Mustang with the 2.3-liter EcoBoost turbocharged four-cylinder engine with a production date between February 14, 2014, and February 10, 2015 at the Flat Rock Assembly Plant. Specifically, there are 19,095 of these in the US and 391 in Canada. These pony cars can show elevated underbody temperatures, which can lead to degradation of the fuel tank, fuel vapor lines, and parking brake cable seals. There are no reports of accidents, injuries or fires from this, though. To fix things, dealers will install a better-insulated fuel tank shield, add thermal patches around the tank and parking brake cable, and put thermal wraps around the fuel vapor lines. You can read the specific build dates and locations for the models affected by the power steering issue in Ford's press release below the video. Related Video: FORD ISSUES TWO SAFETY RECALLS IN NORTH AMERICA DEARBORN, Mich., May 27, 2015 – Ford is issuing two safety recalls in North America. Four minor accidents and no injuries are attributed to one of these conditions.