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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.

Driving the Maserati MC20 and BMW i7 | Autoblog Podcast #802

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder and Road Test Editor Zac Palmer. They're amped up about the BMW i7 and Maserati MC 20 they've all been driving. They also opine about the BMW M3 CS and 2024 Ford Mustang. The Japan Mobility Show (formerly Tokyo Motor Show) is coming up, and there have been some interesting reveals and teasers, including the Nissan Hyper Urban and Hyper Adventure concepts, some neat kei car concepts from Daihatsu, a Miata-inspired EV concept from Mazda and an electric sports coupe concept from Subaru. Finally, they discuss the wild situation surround last weekend's Formula 1 Qatar Grand Prix. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #802 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2023 BMW i7 2023 Maserati MC20 2024 BMW M3 CS 2024 Ford Mustang GT Japan Mobility Show preview Nissan Hyper Urban and Hyper Adventure concepts Daihatsu kei car concepts Possible next-gen Mazda Miata Subaru electric sports car Formula 1 Qatar Grand Prix recap Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Green Motorsports Podcasts Tokyo Motor Show BMW Ford Maserati Mazda Nissan Subaru

Mazda Miata could get retractable hardtop in New York

The upcoming New York Auto Show just got a little more exciting because Mazda could debut the latest MX-5 Miata with a power retractable hardtop there. The best evidence comes from Autocar, which has an image of Mazda's invitation. The message promises a "world premiere" in the Big Apple and further teases, "Help us blow the lid off the New York Auto Show." The last Miata PRHT made up 52 percent of the roadster's sales mix in the US, so creating another one is an easy decision for the company. According to Autocar, expect the new roof mechanism to be lighter and more compact than the previous design. It would still add some weight compared to the cloth top, but customers would get the added insulation and security from the hardtop. With the NC PRHT as a guide, don't expect many changes for the new other than the roof. The 2.0-liter four-cylinder with 155 horsepower and 148 pound-feet of torque with either the six-speed manual or automatic should still make for an exciting drive. The hardtop just makes life a little more comfortable if you have to deal with rain or snow for part of the year. We can't wait to see it. Related Video: