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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 overhauls North American operations with eye towards more autonomy

The increasing sales success of Honda North America (HNA) has led to Honda brass in Japan reorganizing regional operations here. The management shuffling here and in Japan is intended to both streamline and confer more responsibility on HNA "as the region assumes a larger role in shaping Honda's global business," and as Honda builds more facilities that serve several roles in the product development pipeline.
Honda's executive vice president and president of HNA Tetsuo Iwamura was named COO of automotive operations, taking over a position that had been handled by company president Takanobu Ito. Iwamura's new role puts him in charge of anything Honda makes that has four wheels, which Automotive News says equates to 78 percent of the company's global revenue.
The current company CFO, Fumihiko Ike, will fill the now-vacant role of company chairman and Kohei Takeuchi will take his place. Takeuchi is presently the operating officer, general manager of the accounting division. The executive swaps take effect April 1, 2013.

These were our favorite cars of 2022

Favorite cars is different than best cars. The idea of "best" can speak to value and overall competitiveness in a given vehicle segment. There's lots of objectivity involved and to do a "best" list right, one really must be very thorough and as scientific as possible. This is not that list. This is about our favorites, so objectivity be damned. If we liked a Challenger Hellcat because it made loud noises or a Honda Odyssey because it made for a particularly special family vacation, fair game. These were the cars that most spoke to our collection of editors and the ones that stayed in our minds and hung in our hearts long after they left our driveway. — Senior Editor James Riswick 2022 GMC Hummer EV Senior Editor, Green, John Beltz Snyder: I didn't particularly expect to like the new Hummer. I wasn't a fan of the Hummer H2 or H3, so I wasn't automatically enthusiastic about this electric reboot. Fast EVs aren't hard to come by — and, in fact, may be too easy to come by — so its performance specs weren't enough to win me over. Despite videos to the contrary, pickups aren't my favorite vehicular format. And its excessive size and weight turned me off ... until I finally got behind the wheel.  This thing is wildly entertaining to drive. Watts to Freedom launch control is a neat party trick, sure, but the novelty wears off quickly. The novelty of Crab Walk, however, has staying power. The rear-wheel steering makes this behemoth feel much smaller than it is — the maneuverability is incredible, and useful. The air suspension provides tons of clearance, including a ridiculously high-riding Extract mode. I can't wait for lesser versions of the Hummer to make their way to market. Give me less power (for less money), but keep the off-road tricks onboard, and I'll be a happy camper. Senior Editor, Consumer, Jeremy Korzeniewski: If I could afford to put one of these in my driveway, I would. Sadly, I can't, so I won't (What's that, Janet? I got the lyric wrong?). Still, I love the dumb thing. Thankfully, I have another choice down below. 2022 Porsche 911 GT3 Associate Editor Byron Hurd: Yeah, duh, Porsches are good. But there's good, and then there's GT3. This is the feeling every performance-oriented RWD tuner is trying to replicate. This is hard, precise, surgical and immensely satisfying. To begin to explore this car on a public road is by itself an admission that you believe yourself to be above the rules as they apply to normal drivers.