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Major automakers post mixed US June sales figures

General Motors, Ford and Fiat Chrysler Automobiles NV posted declines in US new vehicle sales for June on Monday, while major Japanese automakers reported stronger figures. Once again, demand for pickup trucks and crossovers offset a decline in sedan sales. Automakers' shares rose as overall industry sales still came in above Wall Street expectations. The US auto industry is bracing for a downturn after hitting a record 17.55 million new vehicles sold in 2016. Analysts had predicted that overall, US vehicle sales would fall in June for the fourth consecutive month. As the market has shown signs of cooling, automakers have hiked discounts and loosened lending terms. Car shopping website Edmunds said on Monday the average length of a car loan reached an all-time high of 69.3 months in June. "It's financially risky, leaving borrowers exposed to being upside down on their vehicles for a large chunk of their loans," said Jessica Caldwell, Edmunds' executive director of industry analysis. GM said its sales fell about 5 percent versus June 2016, but that the industry would see stronger sales in the second half of 2017 versus the first half. "Under the current economic conditions, we anticipate US retail vehicle sales will remain strong for the foreseeable future." GM shares were up 2.4 percent in morning trading, while Ford rose 3.3 percent and FCA shares jumped 6 percent. "US total sales are moderating due to an industry-wide pullback in daily rental sales, but key US economic fundamentals clearly remain positive," said GM chief economist Mustafa Mohatarem. "Under the current economic conditions, we anticipate US retail vehicle sales will remain strong for the foreseeable future." Ford said its sales for June were hit by lower fleet sales to rental agencies, businesses, and government entities, which fell 13.9 percent, while sales to consumers were flat. But it sold a record 406,464 SUVs in the first half of the year, with Explorer sales increasing 23 percent in June. And sales of the F-150 had their strongest June since 2001. On a media call, Ford executives said an initial read of automakers' sales figures indicated a seasonally adjusted annualized rate of around 17 million new vehicles for the month, which would be better than 16.6 million units analysts had predicted. FCA said June sales decreased 7 percent versus the same month a year earlier.

280-bhp Elemental RP1 revealed, now with bike-engine option

The Elemental RP1 might be Britain's next big boutique roadster success story. Designed by a team with Formula One experience, it aims to mix road car drivability with racecar performance in a single, adaptable package weighing less than 1,000 pounds. It was first previewed a few weeks ago, but the secrecy has finally disappeared due to its upcoming debut at the Goodwood Festival of Speed. The backbone of the RP1 is a carbon fiber and aluminum tub onto which the front and rear subframes bolt on. Inside, it has an F1-like, feet-up driving position that allows for additional underfloor aerodynamic aids to improve downforce. Despite its hardcore nature, Elemental says that it wants the car to be very user friendly. Buyers should be able to drive the RP1 to the track, adjust it with some wrenches, go racing and drive it home. The company even claims the storage areas to either side of the engine offer enough room for a helmet and other racing gear. Hopefully, buyers don't crash, though, otherwise they might be stuck. Elemental is adding two more engine options for the RP1, as well. In addition to the previously announced tuned Ford 2.0-liter EcoBoost with 280 horsepower, buyers can also choose a upgraded version of Ford's three-cylinder 1.0-liter EcoBoost or a model aimed at pure track use with a 999cc Honda Fireblade motorcycle engine. The 2.0-liter uses a six-speed sequential manual gearbox, and a limited-slip differential and alternate gear sets are available as additional options. The first RP1s built will be pure racers for the 2015 season, and the first road cars will follow in the early summer of next year. Pricing isn't set yet, but scroll down for more details and full specs of Britain's latest feather light car for road and track. Introducing the Elemental Rp1 Press Release: 23/6/2014 British sports car manufacturer, Elemental Motor Company Limited, today released further details of their new and innovative, road legal track car, the Rp1. The Rp1 is an open top, road legal, mid engined sports car that incorporates state of the art road and race car technologies. Designed, Engineered and Built by a team with decades of experience in the Formula One and Supercar industries, it brings the concept of a road legal track car firmly into the 21st Century. The Rp1 will be revealed to the public for the first time, this weekend, at the 2014 Goodwood Festival of Speed, where it will located in the Moving Motor Show tent "First Glance" display.

Ford hurt by 2015 F-150 production restraints

The new 2015 Ford F-150 came out of the gate strong for January 2015 with all F-Series sales up 17 percent for the month. However, February tempered those gains a bit with the model line dipping 1.2 percent, and the Ford brand itself dropped 1.7 percent year-over-year. The fall is being blamed in part on tight supply of the latest pickup. A major factor holding back the 2015 F-150 is that they are only currently being made at the Dearborn Truck Plant. The Kansas City factory is still changing over, and full supply from them both is expected by the middle of the year. Ford also just announced plans to hire an extra 1,550 people to build the pickups, including 900 in Kansas City. However, the downtime in the assembly changeover has caused about 90,000 units in lost production since mid-2014, according to The Detroit Free Press. It's not all bad news for the pickup, though. The latest F-150 made up 21 percent of F-Series sales in February, according to The Detroit Free Press, up from 18 percent in the previous month, and they remained on dealer lots an average of 18 days. The lessened supply has also meant lower incentives. Mark LaNeve, Ford's US marketing boss, told the Free Press that average F-150 transaction prices were up $2,000 from last year. He also indicated that retail figures grew seven percent in February, while F-Series fleet numbers were down 18 percent. The constrained supply does come at an inopportune time for Ford, though. This year is expected to be huge for pickups. Also, lower gas prices appear to be pushing people towards SUVs and trucks recently. Related Video: