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The next steps automakers could take after sales drop again in April

DETROIT (Reuters) - Major automakers on Tuesday posted declines in U.S. new vehicle sales for April in a sign the long boom cycle that lifted the American auto industry to record sales last year is losing steam, sending carmaker stocks down. The drop in sales versus April 2016 came on the heels of a disappointing March, which automakers had shrugged off as just a bad month. But two straight weak months has heightened Wall Street worries the cyclical industry is on a downward swing after a nearly uninterrupted boom since the Great Recession's end in 2010. Auto sales were a drag on U.S. first-quarter gross domestic product, with the economy growing at an annual rate of just 0.7 percent according to an advance estimate published by the Commerce Department last Friday. Excluding the auto sector the GDP growth rate would have been 1.2 percent. Industry consultant Autodata put the industry's seasonally adjusted annualized rate of sales at 16.88 million units for April, below the average of 17.2 million units predicted by analysts polled by Reuters. General Motors Co shares fell 2.9 percent while Ford Motor Co slid 4.3 percent and Fiat Chrysler Automobiles NV's U.S.-traded shares tumbled 4.2 percent. The U.S. auto industry faces multiple challenges. Sales are slipping and vehicle inventory levels have risen even as carmakers have hiked discounts to lure customers. A flood of used vehicles from the boom cycle are increasingly competing with new cars. The question for automakers: How much and for how long to curtail production this summer, which will result in worker layoffs? To bring down stocks of unsold vehicles, the Detroit automakers need to cut production, and offer more discounts without creating "an incentives war," said Mark Wakefield, head of the North American automotive practice for AlixPartners in Southfield, Michigan. "We see multiple weeks (of production) being taken out on the car side," he said, "and some softness on the truck side." Rival automakers will be watching each other to see if one is cutting prices to gain market share from another, he said, instead of just clearing inventory. INVESTORS DIGEST BAD NEWS Just last week GM reported a record first-quarter profit, but that had almost zero impact on the automaker's stock. The iconic carmaker, whose own interest was once conflated with that of America's, has slipped behind luxury carmaker Tesla Inc in terms of valuation.

2019 Lexus ES 350 starts at just $550 more than outgoing model

Lexus wants you to pay attention to the 2019 ES. The all-new, seventh-generation midsize sedan that Lexus benchmarked against the Mercedes-Benz E-Class and Audi A6 gets a base price that just a few hundred over the old car. The entry-level ES 350 starts at $39,500; after $1,025 for destination and handling, that's $40,525 out the door and $550 more Washingtons than the 2018 model required. The mid-level ES 300h starts at $43,310, or $44,335 out the door. That saves $510 compared to the 2018 version, and it gets better fuel economy. The all-new ES 350 F Sport starts at $44,035, for $45,060 out the door. Every model rides on the Toyota New Global Architecture, known as GA-K here. The lighter, stiffer body hides improved mechanicals like rack-mounted electric power steering, and a new multilink rear suspension that encouraged fun driving during our recent review. The updated Lexus Safety System+ 2.0 comes standard on all models, and incorporates new features like daytime bicyclist detection and low light pedestrian detection. The ES 350 and ES 350 F Sport get a 3.5-liter V6 with 302 horsepower and 267 pound-feet of torque, 34 hp and 19 lb-ft over the former sedan, working through a new eight-speed transmission. The F trim makes itself known with 19-inch wheels, rear spoiler, and retuned suspension. EPA ratings for the ES 350 come in at 22 mpg city, 33 mpg highway and 26 mpg combined, an increase of two more miles per gallon on the combined cycle. The ES 350 F Sport is rated at 22 mpg city, 31 mpg highway and 25 mpg combined. The ES 350h uses a 2.5-liter Atkinson-cycle four-cylinder with fourth-generation Hybrid Drive. The 215 total horsepower from the ICE and electric motor returns 43 mpg city, 45 mpg highway, and 44 mpg combined. Lexus says this makes it the most frugal luxury car out there that doesn't have a plug. The ES is also the first Lexus to offer Apple CarPlay, on top of being able to use Amazon Alexa to communicate between the sedan and the home. The 2019 Lexus ES goes on sale in September. Related Video:

Lexus Eco Challenge rewards schools for clean water, briquette press projects

Teams from one New Jersey high school and one Michigan middle school reversed the old adage by thinking locally and acting globally. And that strategy won them the grand prizes in the most recent edition of the Lexus Eco Challenge. The future is indeed bright. The Toyota luxury-vehicle division gave out a half-million dollars in this year's contest. One $30,000 grand prize was awarded to the Pinelands Eco Scienteers from Little Egg Harbor, NJ, which produced and distributed low-cost briquette presses to rural villages beset by deforestation. The other grand prize went to the E.T. Electrical Team from Byron Center West Middle School in Michigan. That middle-school group raised money to send water filters to Haiti, Kenya and the Philippines. Lexus also awarded eight $15,000 first-place awards, with the winners including high schools from California, Florida, Missouri and Pennsylvania as well as middle schools from Arizona, Michigan, North Carolina and Texas. A special shout out goes to Daniel Boone Area High School in Birdsboro, PA, where students created an educational and public-relations campaign to publicize algae-based biofuels. In all, Lexus has doled out more than $4 million in Eco Challenge awards in seven years. Check out Lexus's press release below. Students Get Dollars and Sense in Lexus Eco Challenge - $500,000 Awarded to Teams Who Learn About Environment and Community Empowerment Two Grand Prize Teams Earn $30,000 Eight $15,000 First Place Awards Given to Innovative High School and Middle School Teams Students Bring Ideas to a Larger Audience and Make a Positive Impact on the World TORRANCE, Calif., (Feb. 24, 2014) – It's a win, win situation! Communities become a better place, and students, teachers and schools have the chance to share $500,000 in scholarships and grants through the Lexus Eco Challenge. This year, the $30,000 Grand Prize winners are the Pinelands Eco Scienteers from Little Egg Harbor, New Jersey, and the E.T. Electrical Team from Byron Center, Michigan. The Lexus Eco Challenge is an educational program and contest that inspires and empowers young people to learn about the environment and take action to improve it. High school and middle school teams nationwide define an environmental issue that is important to them, develop an action plan to address the issue, implement the plan, and report on the results.