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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 shows off Civic Tourer ahead of Frankfurt debut

This is the new Honda Civic Tourer that will be appearing at the Frankfurt Motor Show next month and that will go on sale in Europe early next year. Created by Honda's European studio, it tweaks the lines and the glasswork of the five-door Civic to create a more muscular profile below the shoulder.
When it's time to haul, a lower load height allows access to a slightly higher floor, arranged so that it creates a flat surface when the rear seats are folded. Honda says the Civic Tourer offers class-leading interior space, the cargo area able to swallow 624 liters from the floor to the window line with the rear seats up, 1,668 liters with the rear seats down and items piled up to the roof. Extra storage can be had in below-floor spaces, and even the rear seat bolsters can flip up to make space for tall goods. An included tonneau cover hides valuables in the back and can be stored out of the way when not in use.
Under the hood will be either the Earth Dreams 1.6 i-DTEC diesel engine or the 1.8 i-VTEC petrol engine, working through a choice of manual or automatic transmissions. An adaptive damper system aims to provide handling to match the looks, with available comfort, normal and dynamic settings.

It turns out Takata isn't willing to expand airbag recall nationally after all

There have been "approximately 0.000006 failures per air bag deployment, which is far below the failure rate" of most recalls, Takata claims. Takata has seemingly made an about face following reports that it would expand its regional airbag recall into a nationwide repair effort, issuing a scathing, four-page letter rebutting allegations by the National Highway Traffic Safety Administration and its Office of Defects while simultaneously attacking the government's handling of the situation. The Japanese supplier claims in its letter that the "currently available, reliable information does not support a nationwide determination of a safety defect," arguing that there were "approximately 0.000006 failures per air bag deployment, which is far below the failure rate in the vast majority of the thousands of recalls," The Detroit News reports. Takata then breaks down the two specific incidents mentioned in NHTSA's original recall request letter, a 2005 Honda Accord and 2007 Ford Mustang. Referencing the two crashes, NHTSA Administrator David Friedman said last month "one incident is an anomaly, but two are a trend." The supplier, though, argues the Honda issue is already being covered by that company's soon-to-be-national recall (more on that in a moment). The company then goes on to point out that neither Takata nor NHTSA has been able to analyze the Mustang's airbag inflator, saying that such a lack of examination meant there was "no way to ascertain what actually occurred during the incident, whether any inflator ruptured, and whether any inflator rupture that may have occurred was related to the incidents that led to the current regional campaigns." Takata alleges that NHTSA has disobeyed its own statutes. Takata also took the opportunity to take a few swipes at NHTSA's behavior during the airbag scandal, saying it was "very surprised to receive" a recall request letter because the ODI had yet to even receive the company's responses to a pair of special orders. It also alleged that NHTSA was disobeying its own statute, which says only manufacturers of vehicles and replacement equipment can "decide in good faith whether their products contain a safety related defect," and that the government can only "issue an initial decision that a safety-related defect exists" to those same entities.