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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.

A spotter's guide to Super Bowl LIV car commercials

Set to kick off on Fox at 6:30 ET on Sunday, February 2, from Hard Rock Stadium in Miami, Florida, the big game will feature the Kansas City Chiefs and the San Francisco 49ers. Throughout Super Bowl LIV, viewers will see about 50 commercials, each of which costs as much as $5.6 million per 30 seconds, according to AdWeek. Originally, there were more than 77 ad slots, so several companies could be paying well more than $10 million for a single, longer commercial. Numerous car companies have already announced their commercials, or their intentions to show commercials, during the game. Here's a roundup of the ones we know about so far. During the game on Sunday, we'll be livestreaming and adding links to the new commercials as they become available, so check back with us for that post.  Audi: E-Tron Sportback Maisie Williams has experience wearing many faces, and in Audi's Super Bowl commercial, she does her best Elsa impression. In the spot, titled "Let It Go," Williams faces the rigorous task of getting through L.A. traffic, but she's alleviated by the comfort of the Audi E-Tron Sportback electric crossover. The commercial is meant to signal the company leaving its gas past behind and moving forward to a sustainable future.  Genesis: GV80 Genesis makes its Super Bowl debut with a commercial that will show its all-new SUV, the GV80, to viewers around the world (many of which will be seeing the vehicle for the first time). The ad features Chrissy Teigen and John Legend as the purveyors of "new luxury," while "old luxury" is left for the birds. GMC: Hummer General Motors is bringing back the Hummer nameplate as a premium electric GMC truck. GM says it will have 1,000 horsepower and will be capable of going zero to 60 mph in three seconds. GM brought in NBA legend and Hummer fanboy LeBron James for the debut commercial. Hyundai: Sonata Hyundai is known for bringing in the big-time celebrities for its commercials, and 2020 is no different. A new advertisement called "Smaht Pahk" features John Krasinski, Chris Evans, and Rachel Dratch, all three of whom are from the Boston area. The trio gets into full character as they discuss the new high-tech parking feature on the redesigned 2020 Hyundai Sonata, and David Ortiz makes a cameo at the end. Even when New England isn't in the Super Bowl, New England is in the Super Bowl.

Toyota to recall 185k cars globally, including Yaris

Toyota has announced it is recalling a total of 185,000 vehicles worldwide for a power steering issue. Yaris and (overseas) Vitz models built between November 2010 and March 2012 could suffer a short circuit in their power steering control module if water gets inside. Should that happen, the power steering could fail, increasing effort when turning. The recall also includes the Verso-S and Ractis built from August 2010 to August 2011. The recall covers 130,000 vehicles in Japan and around 22,450 in Europe.
Only 74 units are being recalled in the United States.
Toyota says if the fault occurs, the vehicle will display the Electronic Power Steering warning light on the dash and a buzzer will sound. The automaker will alert owners by mail and dealers will replace the power steering control module free of charge. You can read the quick press release on the recall below for more information.