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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.

Honda scraps 2017 sales target amid concerns over quality

Honda CEO Takanobu Ito thinks that the automaker he leads needs to go back to basics to avoid continuing quality concerns. To do that, the boss is making the radical shift of entirely chucking the company's six-million vehicle annual sale targets through 2017, and there's no intention to include the goals in the next midterm plan, either, according to Bloomberg. The move comes soon after last month's announcement to set aside about $425 million to pay for recalls and slice forecasts by about 17,000 cars for the fiscal year. The complete shift from the way most automakers do business stems from the significant number of recalls from Honda last year. While the most glaring example is the Takata airbag problems affecting roughly 5.4 million of the company's vehicles in the US, that's hardly the only one. In Japan, the Fit Hybrid needed five repair campaigns in 12 months to fix various issues, and according to Bloomberg, the Vezel (similar to the HR-V in the US) has needed three. Honda also had to pay $70 million to the National Highway Traffic Safety Administration for failing to submit 1,729 safety reports to the agency. The Japanese automaker has been working on ways to right the ship for months. In the wake of the Fit recalls, top executives took a three-month, 20 percent pay cut and created an independent position to monitor vehicle quality. Previous Honda CEOs have also offered stern words to Ito. The problems haven't had quite such a dire effect in the US, though. Sales in 2014 were up one percent, and January 2015 showed a year-over-year improvement of 11.5 percent

Honda Accord sets the pace as Indy safety car with HPD upgrades

Honda has rolled out a new pace car to lead the pack in the IndyCar Series. But it didn't just slap some graphics and auxiliary lighting on a production model and call it a day. Honda Performance Development (HPD) was tasked with giving the Accord coupe a thorough overhaul to prepare it for the task at hand. To the 3.5-liter V6, HPD bolted a Borg-Warner turbocharger and fitted high-flow fuel injectors and custom intake, exhaust, pistons, connecting rods and intercooler as well as the crankshaft from the Acura RLX to drive output up to 400 horsepower. The transmission was beefed up as well, with a limited slip differential to help get the power down to the track surface. To keep it all in check, HPD fitted new brakes, a stiffened suspension and rolling stock. It's all been topped off with a factory aero kit, special graphics and lighting, with Sparco seats and four-point racing harnesses fitted inside. The latest in a series supplied by Honda since 2006, the Accord safety car made its debut this weekend at the Honda Indy Grand Prix of Alabama at Barber Motorsports Park. Honda Unveils 2015 Accord Safety Car Apr 24, 2015 - TORRANCE, Calif. - Will pace IndyCar Series races starting Sunday at Barber Motorsports Park - Latest in series of Honda safety cars for Indy car competition - Production 2015 Honda Accord modified by Honda R&D Americas Honda today unveiled the 2015 Honda Accord Safety Car, which will lead the Verizon IndyCar Series field to the green flag for Sunday's Honda Indy Grand Prix of Alabama at Barber Motorsports Park. The latest in a series of Honda Safety Cars utilized since 2006 for Indy car competition, the 2015 Honda Accord Safety Car is a production model featuring performance enhancements created by Honda R&D Americas, Inc., for its new role. "The 2015 Honda Accord Coupe is an ideal match for IndyCar Safety Car duties," said Jim Lee, manager of Experiential Marketing for American Honda. "Taking its already large and powerful 3.5-liter V6 engine, we asked the team at Honda R&D Americas to enhance and develop a car that is perfectly suited to lead the Verizon IndyCar Series field. I think they accomplished all that we asked, and more." The Honda R&D team started with a production Honda Accord Coupe, then added a mix of engine and chassis modifications to create a fun, fast vehicle fully capable of pacing Indy cars at both road courses and oval tracks across North America.