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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.

McLaren confirms Alonso, keeps Button

Every year a big game of musical chairs breaks out in the Formula One paddock, as some drivers try to hold on to their seats, some try to grab new ones and others are left without a seat for the following season. McLaren has been extremely reluctant to announce who would be sitting in its carbon-fiber seats next season, but it's finally spilled the beans. McLaren was strongly rumored to have hired Fernando Alonso for next season, speculation over which was all but confirmed when the two-time world champion announced his departure from Ferrari. He's now been officially confirmed to be returning to Woking for next season. But the bigger question over who would be his wingman has now been answered as well, as the team has decided to keep Jenson Button on board for at least one more season. Long regarded as a top driver, Button started out with Williams back in 2000, then spent a couple of seasons in Enstone with Renault before switching to Honda in 2003, finally winning the championship in 2009 when the team went out on its own as Brawn GP (now Mercedes). He switched to McLaren in 2010 to form a dream team with Lewis Hamilton (who in turn left for Mercedes last year), but though Jenson has been unable to rack up another world title, he's remained a favorite especially of Honda's, which returns to F1 next season to rekindle its once-dominant engine-supply partnership with McLaren. Alonso, meanwhile, made his grand prix debut with Minardi (now Toro Rosso) just one year after Button, then switched to Renault first as a test driver and then got the race seat, winning back-to-back world championships in 2005 and 2006. He subsequently spent one tumultuous season alongside Hamilton at McLaren before going back to Renault and then to Ferrari, which which he spent five years, scoring eleven checkered flags to finish in second place in the standings, three times. Alonso's signing and Button's retention spell bad news for Kevin Magnussen, the young Danish driver who got his start with McLaren earlier this season after winning the Formula Renault 3.5 Series title last year. With all the other seats already spoken for, Magnussen was left with no choice but to accept a test-driver role with McLaren in the hope that he might be promoted back again in the future. McLaren-Honda prepares for 2015: laying the foundations for future domination McLaren-Honda is delighted to announce its new driver line-up for 2015: Fernando Alonso and Jenson Button.

Honda Civic Type R on track to smash 'Ring record, eclipse NSX

Honda has made some serious performance machinery over the course of its history, but few products have been as hotly anticipated as the upcoming new Civic Type R. Following a deep and proud history of Type R Hondas, the latest Japanese hot hatch is continuing its long striptease at the Paris Motor Show this week. But before it does, Honda has released this video clip featuring project leader Suehiro Hasshi - and he has some bold claims to make.
For one, he says it'll be the best Type R yet - and that's quite a statement considering some of its predecessors, including the almighty NSX Type R. Hasshi-san also reiterates Honda's aim of snatching the front-drive lap record at the Nürburgring away from the likes of Renault and Seat, and reports that the Honda team is on track to chew every bit it's biting off. In short, the new Civic Type R ought to be sensational.