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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.

2016 GMC Canyon Diesel Quick Spin [w/video]

The 2016 GMC Canyon Diesel and the 2016 Chevrolet Colorado Diesel are basically the same truck. This isn't really news – the two midsize pickups have been discussed side by side since their inception. If you stop reading right now, go to our First Drive story from last week, and replace "Colorado" with "Canyon," you won't miss a beat. Samesies. Looks-wise, the Canyon is a bit more polished overall than the Colorado on which its based. The front fascia has a more upscale, yet tough aura, the squared-off headlamps mimic those of the Sierra, and the alloy wheels – especially those on this SLT tester – are a premium touch. Inside the cabin, it's all carryover stuff from the Chevy truck, just with different badges and some unique color/trim combos. So it's a Colorado Diesel with a Canyon treatment. It's the typical GMC updo. But that's fine by me; this thing's a real sweetheart. Driving Notes Talk about smooth operator. This is one of the least harsh diesel engines I've ever tested, with low levels of vibration. Credit for that goes to the fancy German torque converter, as our own David Gluckman detailed in the Colorado First Drive. There's there's also very little in the way of turbo lag in this truck, aiding the silky character. I kind of miss the "turbo moment" woosh of power, but I'll happily trade that for total overall refinement. GMC hasn't released official fuel economy figures just yet, and my drive route wasn't exactly great for testing the ol' miles per gallon rating. I spent about 45 minutes slogging through traffic in Manhattan (perfect place for a diesel pickup, right?), before getting out onto the highway for another 45 or so. The combined trip returned numbers in the mid-20s, but I have to believe this truck can do better. The steering is vague, the body rolls – it drives like a pickup. That said, even though it's on the larger side of midsize, the Canyon is easy to maneuver, sight lines are great, and it's a generally pleasant-handling truck. The 2.8-liter Duramax diesel engine adds about 200 pounds to the Canyon's overall curb weight, but you don't notice from behind the wheel. Braking feel is smooth and solid, and the truck doesn't feel especially nose-heavy. Despite the anti-aero shape, the Canyon delivers a quiet ride with very little wind or road noise. Credit this to all the sound deadening material added to keep unpleasant diesel chugga-chugga-chugga noises out of the cabin.

Weekly Recap: Volvo buys Polestar, makes performance a priority

Volvo is taking its performance business in-house, and the Swedish carmaker announced Tuesday that it bought tuning company Polestar, which has long been known for producing sporty Volvos. The move allows Volvo to ramp up its performance business, and it plans to increase Polestar-branded vehicle sales to 1,000 to 1,500 annually, up from the 750 total projected for this year. The companies have been working together on motorsports projects since 1996. Financial terms of the sale were not released, and Polestar workers will move over to Volvo. Former Polestar owner Christian Dahl will keep control of the Polestar racing team and operate it under a new name. In addition to sales volume, Volvo has ambitious plans for other parts of Polestar, including its aftermarket business. Volvo also said it will use its twin-engine hybrid technology for Polestar models in the future, though specifics and timing were not revealed. Meanwhile, Volvo announced it will offer a run of 265 total Polestars in the United States for the 2016 model year, with S60 and V60s available. "Driving a Volvo Polestar is a special experience. We have decided to bring this experience to more Volvo drivers, placing the full resources of Volvo behind the development of Polestar as the model name for our high performance cars," Volvo CEO Hakan Samuelsson said in a statement. OTHER NEWS & NOTES 2016 Chevy Silverado, GMC Sierra, get nose jobs Automakers tend to refer to light updates as 'facelifts,' and that's exactly what Chevy gave the 2016 Silverado and GMC Sierra. Chevy slightly changed the front end of the truck. Using the one photo released of the new Z71 model as a guide, we can see that the headlights went from a stacked vertical design to single bulbs, and they are set on top of LED running lights. The grille has more body-colored elements instead of shiny metal, and the hood has a new line running down the middle (look really closely). The design theme will be similar across the portfolio, though materials and details will vary, a spokesman said. Some models, like the High Country and LTZ will have more chrome, and the LEDs are only for the upper trims. Chevy also said it will use the eight-speed automatic transmission on more versions of the Silverado, and it updated the MyLink feature to support Android Auto and Apple CarPlay.