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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.

GM announces 3 new recalls affecting 1.7M vehicles in North America [w/video]

Still embroiled in the ongoing ignition switch recall, General Motors announced today three more discrete recalls, affecting a grand total of 1,546,900 vehicles in the US. The Detroit News reports that some 1.7 million vehicles are affected overall in North America. The first and largest of the trio of new recalls concerns some 1.18-million Buick Enclave and GMC Acadia crossovers from the 2008-2013 model years, Chevrolet Traverse from 2009-2013 (pictured above) and Saturn Outlook vehicles from 2008-2010. All of the crossover utilities may have an issue with the wiring harness for their seat-mounted side airbags. Apparently, the vehicles are equipped with a Service Air Bag warning light that, if ignored, "will eventually result in the non-deployment of the side impact restraints." Those restraints include the side airbags, a front-center airbag if the vehicle is so equipped and seatbelt pretensioners. Dealers of affected vehicles will be instructed to remove driver and passenger side airbag wiring harness connectors, and then "splice and solder the wires together." The second recall affects 303,000 Chevrolet Express (pictured right) and GMC Savana vans from model years 2009-2014, and with gross vehicle weights under 10,000 pounds. Said vehicles do not comply with a head impact requirement for unrestrained occupants, and will need a reworking of the instrument panel material to be sent back on the road. It doesn't sound as though there's a quick fix for this one, as the GM press release states: "Unsold vehicles have been placed on a stop delivery until development of the solution has been completed and parts are available." Finally, the third recall affects 63,900 Cadillac XTS luxury sedans from model years 2013 and 2014. A brake booster pump may be susceptible to corrosion by way of the relay, potentially causing and electrical short, overheating, melting of plastic components and even engine fires. GM says it is aware of two engine fires in unsold XTS models and two cases of melted parts. Repairs for the issues affecting the XTS have not not mentioned by GM in the release. The Detroit News is also reporting that along with news of the triple-recall, GM is taking a $300-million credit to help pay for the repair costs, and to deal with the ongoing costs associated with the ignition switch recall. In an attempt to explain just what GM has been doing in the face of these very serious issues, newly minted CEO Mary Barra has addressed the issues in a new video.

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.