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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.

Mazda prices 2016 CX-3 from $20,840

Been eager to put your cash down on the hood of a new 2016 Mazda CX-3, but haven't known just how much to take out from the bank? You can call your branch manager now, because Mazda has released pricing details for its new subcompact crossover. The MSRP for the new CX-3 will start out at $20,840, including an $880 destination charge. (Alaskan buyers can expect to pay an extra $45 on top.) That's for the base-level Sport model with front-wheel drive. Tack on another $1,250 for all-wheel drive if you think you'll need the extra traction, but either way it'll be channeling 146 horsepower and just as much torque from a 2.0-liter inline-four through a six-speed automatic transmission. Step up to the Touring model and the retail price jumps up to $22,840 (with delivery), plus the same $1,250 for the AWD option. There's a Touring Technology package available for another $1,410 that includes moonroof, satellite radio, and cargo cover. Finally at the top of the line is the CX-3 Grand Touring for $25,870 (delivered), available with that same i-Activ all-wheel drive system, and an i-Activsense package that throws in an array of electronic conveniences and safety systems for another $1,920. So while you can get away with paying as little as $20,840 for the base model, a fully loaded CX-3 can run you as much as $29,040. Related Video: All-New 2016 Mazda CX-3 Subcompact Crossover MSRP[1] to start from $19,960 - Latest evolution of Mazda's signature KODO design comes embodied in crossover available with premium, class-exclusive features and class-leading fuel economy - IRVINE, Calif., July 16, 2015 /PRNewswire/ -- New vehicle segments don't come around often. So when Mazda had the opportunity to create its very own subcompact crossover to tackle the urban sprawl, as well as the road less-traveled, it did so the only way it would – with the fun-to-drive, stylish and upscale 2016 Mazda CX-3. 2016 Mazda CX-3 Subcompact Crossover Priced From $19,960 Nearing its mid-August expected on-sale date, Mazda North American Operations (MNAO) has released full pricing for its entry-level CUV offering, starting at an MSRP2 of $19,960 for the entry-level CX-3 Sport with front-wheel drive. As a $1,250 upgrade, buyers can select CX-3 Sport with Mazda's predictive i-ACTIV all-wheel drive that takes temperature, road conditions, steering-angle and weather into account, among other factors, to help optimize to which wheels engine power is routed for maximum performance and stability.

Weekly Recap: Toyota, Mazda team up to 'make cars better'

Toyota and Mazda are teaming for a noble purpose: to "make cars better." That's how the two Japanese automakers termed their partnership, which was announced this week. So what does this actually mean? The companies said they will set up a joint committee to look for areas of cooperation and named safety and the environment as issues they plan to tackle. From a product perspective, it's believed that Toyota is interested in Mazda's Skyactive engine portfolio. In turn, Mazda has its eye on Toyota's fuel-cell and plug-in hybrid technology. While more specifics were not confirmed, the companies said the "agreement will go beyond the traditional framework of cooperation," and it has the potential to be a long-range partnership. "The main purpose of this initiative is to enhance the appeal of our cars," Toyota president Akio Toyoda said at the announcement. Previously, Mazda has licensed Toyota's hybrid tech and assembled compact cars for Toyota in Mexico. Akio Toyoda said these projects "triggered" the automakers to explore further collaboration. Dave Sullivan, product analysis manager for AutoPacific, said the tie-up echoes Daimler's wide-ranging work with the Renault-Nissan alliance. "This could be a well-groomed match due to each having very unique skill sets," he said. OTHER NEWS & NOTES Volvo selects South Carolina for US factory Volvo confirmed this week that it will build its first US factory in South Carolina, with construction set to begin this fall. The company first revealed plans in March, though it didn't announce a site. The plant will have initial annual production of 100,000 units, though the vehicle or vehicles to be assembled were not specified. The factory, located near Charleston, will open in 2018 and ultimately employ 4,000 people. The facility will help Volvo continue its growth strategy, which includes strengthening its presence in the US market, where it wants to sell more than 100,000 cars per year. "Building a plant in the US is a reflection of Volvo Cars' commitment to the US and the key role the US plays in our growth objectives," Lex Kerssemakers, senior vice president, Americas, said in a statement. Ford GT spied on the road The 2017 Ford GT was spotted testing around the Blue Oval's headquarters in Dearborn, MI, this week. The raw body panels were exposed, and they lacked paint or camouflage. It's the first time the GT has been captured on the street after a spring of auto show reveals.