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Major automakers post mixed US June sales figures

General Motors, Ford and Fiat Chrysler Automobiles NV posted declines in US new vehicle sales for June on Monday, while major Japanese automakers reported stronger figures. Once again, demand for pickup trucks and crossovers offset a decline in sedan sales. Automakers' shares rose as overall industry sales still came in above Wall Street expectations. The US auto industry is bracing for a downturn after hitting a record 17.55 million new vehicles sold in 2016. Analysts had predicted that overall, US vehicle sales would fall in June for the fourth consecutive month. As the market has shown signs of cooling, automakers have hiked discounts and loosened lending terms. Car shopping website Edmunds said on Monday the average length of a car loan reached an all-time high of 69.3 months in June. "It's financially risky, leaving borrowers exposed to being upside down on their vehicles for a large chunk of their loans," said Jessica Caldwell, Edmunds' executive director of industry analysis. GM said its sales fell about 5 percent versus June 2016, but that the industry would see stronger sales in the second half of 2017 versus the first half. "Under the current economic conditions, we anticipate US retail vehicle sales will remain strong for the foreseeable future." GM shares were up 2.4 percent in morning trading, while Ford rose 3.3 percent and FCA shares jumped 6 percent. "US total sales are moderating due to an industry-wide pullback in daily rental sales, but key US economic fundamentals clearly remain positive," said GM chief economist Mustafa Mohatarem. "Under the current economic conditions, we anticipate US retail vehicle sales will remain strong for the foreseeable future." Ford said its sales for June were hit by lower fleet sales to rental agencies, businesses, and government entities, which fell 13.9 percent, while sales to consumers were flat. But it sold a record 406,464 SUVs in the first half of the year, with Explorer sales increasing 23 percent in June. And sales of the F-150 had their strongest June since 2001. On a media call, Ford executives said an initial read of automakers' sales figures indicated a seasonally adjusted annualized rate of around 17 million new vehicles for the month, which would be better than 16.6 million units analysts had predicted. FCA said June sales decreased 7 percent versus the same month a year earlier.

Nissan CEO Hiroto Saikawa resigns, successor to be named

YOKOHAMA, Japan — Nissan Chief Executive Hiroto Saikawa tendered his resignation Monday after acknowledging that he had received dubious income and vowed to pass the leadership of the Japanese automaker to a new generation. Board member Yasushi Kimura told reporters at an evening news conference at company headquarters in Yokohama that the board has approved Saikawa's resignation, effective Sept. 16, and a successor will be appointed next month. A search is underway, he added. Calls for Saikawa's resignation, which arose after the arrest last year of his predecessor, Carlos Ghosn, on various financial misconduct allegations, have grown louder after Saikawa acknowledged last week that he had received dubious payments. The income was linked to the stock price of Nissan Motor Co., and he has said his pay got inflated by illicitly adjusting the date for cashing in. The automaker's board met to look into the allegations against Saikawa, as well as other issues related to Ghosn's allegations and corporate ethics at the company. Kimura said the income Saikawa had received was confirmed as "not illegal." Ghosn, who is out on bail and awaiting trial, says he's innocent. Kimura and three other board members, who all have backgrounds outside the company, said their investigation of the scandal over Ghosn's arrest found that alleged misconduct by Ghosn and Greg Kelly, a former board member who was also arrested, had caused 35 billion yen ($350 million) in damage to the company. Nissan will seek a repayment of the damages, Kimura said. The board said about 10 candidates are being considered as a replacement for Saikawa. They did not identify them, but said outsiders and non-Japanese are on the list. Until a successor is decided, Chief Operating Officer Yasuhiro Yamauchi will serve as interim chief, the board said. Saikawa has not been charged. "I have been trying to do what needs to be done so that I can pass the baton over as soon as possible," he told reporters earlier in the day, referring to his willingness to leave his job. Saikawa did not appear at the news conference initially, but the four board members who led the event said he would later. Saikawa has said he didn't know about the improprieties, promised to return the money and blamed the system he said Ghosn had created at Nissan for the dubious payments. Japanese media reports said Saikawa had received tens of millions of yen (hundreds of thousands of dollars) in extra compensation.

Infiniti Q Inspiration Concept shows its face

Update: Infiniti released a second image of its Q Inspiration Concept with a press release about sales. We're not sure why, but we're not complaining and have added it above. The original rear three-quarter image is below in the text. Following a teaser image and some cryptic hints from designers, Infiniti has mostly revealed its concept for the Detroit Auto Show. It's called the Q Inspiration Concept, which for having "inspiration" in the name, is actually a rather uninspired name. But that's OK, because what it lacks in clever naming it makes up for in a beautiful fastback body. When the teaser was released, one of the designers mentioned the car would have a "long cabin," and that's no exaggeration, as the greenhouse reaches nearly to the tail edge of the car. It's a roofline that is highly reminiscent of the Audi A7. And as such, it would make a lot of sense for this Infiniti to be a hatchback, too, especially if it reaches production. We can't say for sure if this concept has a hatch, though, since there are some panel gaps at the base of the D-pillar and the Tesla Model 3-style rear pane of glass suggests this concept is technically a sedan. Unlike the Audi A7, the rest of the Infiniti is as curvy as the roof. There's hardly a crease anywhere, and it looks muscular with the big bulging front and rear fenders that flow effortlessly into each other. The clean exterior is accented by a lack of exterior door handles and what look to be cameras for side mirrors. The contrast to the organic curves comes from the nose and the wheels. The area where the grille would be is more chiselled and aggressive than the rest of the body. The wheels also have hard edges and lots of complicated elements that don't quite fit the organic theme of the rest of the car. Still the car overall is very striking and graceful. The press release continues to emphasize new powertrains, proportions, and the future design direction of Infiniti. As such, we suspect that this car uses, at minimum, a version of Infiniti's variable-compression engine, and more likely features extensive electrification, if not a pure EV powertrain. The lack of a large opening at the front would seem like further evidence the car utilizes electricity at some level. The car will make its full debut on Jan. 15. Related Video: Image Credit: Infiniti Green Detroit Auto Show Infiniti Hatchback Luxury Sedan 2018 detroit auto show