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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.

Weekly Recap: Geneva's splendor reflects growing demand for ultra-luxury cars

Geneva is one of the most glittering auto shows in the world, but the list of high-powered and bespoke luxury cars was decadent this year even by the rich standards of the Swiss exhibition. It's great for enthusiasts to revel in the flame-throwing Aston Martin Vulcan, the racing-inspired elegance of the Bentley EXP 10 Speed 6 concept and the insane performance of the Lamborghini Aventador LP 750-4 Superveloce, but there's a reason for all of this opulence: the luxury market is big business. And it's growing. IHS Automotive forecasts that so-called ultra-premium sales will nearly triple this decade from 123,000 to 353,000 units around the world. The estimate includes brands like Aston Martin, Bentley, Ferrari and Rolls-Royce, but doesn't count BMW, Mercedes and Audi, which offer less expensive models in addition to their high-end flagships. Though IHS includes Porsche and its relatively large volume in the study, the ultra-premium segment is still set grow at about the same rate, even without the German automaker's figures. So what is propelling all of this growth in the most expensive segment of the auto industry? Put simply, there's more rich people. IHS Automotive principal analyst Tim Urquhart pointed to economic expansion in China, market recovery in the United States and a surge in the lucrative technology sector as contributing factors. This dovetails with a research report by UK-based Oxfam, an international relief organization, which found the world's richest one-percent owned 48 percent of global wealth in 2014, and it's expected to increase to more than 50 percent by 2016. View 17 Photos Carmakers are moving quickly to capitalize with new products, expanding their portfolios with low-volume speedsters like the 800-hp V12 Vulcan at Geneva, and plans to enter new segments, like Rolls-Royce's strategy to make an SUV. "Ultra-premium carmakers are looking to explore ways of growing their product offerings, and thus their bottom lines, in this most potentially profitable of segments," Urquhart wrote in a report on the Geneva show. In a nutshell, there are more choices for people with more money. It's a good time to have expensive taste. Other News & Notes 2016 Mazda MX-5 Miata production launches It won't be long now. The 2016 Mazda MX-5 Miata arrives later this year, and it's officially in production. Mazda announced this week that the roadster began rolling off the assembly line at its Ujina factory in Hiroshima, Japan.

GMC Canyon Denali Interior Review: THE luxury midsize truck

Over the past couple of years, GMC has been getting serious about being more than just a rebrand of Chevy trucks and SUVs. The same goes for the luxury Denali line. Among the beneficiaries of this push for differentiation is the latest Canyon. On top of only being available with the wide-track layout and the most powerful engines, it gets a Denali trim that is unequivocally the most luxurious midsize truck in the segment. The GMC Canyon Denali could even be described as a luxury midsize truck, of which there are no others. And it all comes down to what GMC has done with the interior. Open the door, and the upgrades are immediately obvious. There's leather everywhere. It's on the dash, the door panels, center console and doors. And it has nice details with the perforation and quilted stitching. The seatbacks get embroidered Denali logos and contrasting leather panels, too. The feel is more rugged than supple, but it is a truck after all, and the materials feel like they'll wear nicely.  Then you notice the wood trim. The real wood trim. It's subtle, just adorning a strip along the top of the dash and the front door panels, but the light brown color stands out against the black leather and plastic elsewhere. It's got a natural, open-pore finish that highlights the material, and the strip in the dash gets extra laser-cut details. The branding consisting of DENALI, some stylish strakes and the coordinates of Denali, the mountain, are crisp and clear. Throw in plenty of shiny chrome, and the same quality-feeling buttons and knobs (the knurling details on the knobs are particularly nice), and just on trimmings alone, it's obvious the Denali is the most plush little truck. The seats themselves are solid, though not particularly exceptional. The front seats are a bit flat, but they're also very roomy. On the Denali, the driver's seat has eight-way power adjustability with memory, and the passenger has six-way power adjustability. Heating and ventilation are included, too. Leg, head and shoulder room are also all excellent up front. The rear seat, like the rest of the segment, has enough room for adults, though legroom is a tad tight, with knees likely brushing the front seat backs. The seat bases in the rear are split with storage underneath, although it's not particularly useful. Besides its meager volume and awkward shape, much of it is taken up with the jack.