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U.S. auto sales fall in July, as Detroit dials back on inventory, rental sales

DETROIT — U.S. carmakers said on Tuesday they continued to slash low-margin sales to daily rental fleets in July as General Motors, Ford and Fiat Chrysler Automobiles struggled to curb a slide in retail sales. July is on track to be the fifth straight month in which the annual pace of car and light truck sales declined from the same month a year ago, in part because of fewer fleet sales, analysts and industry executives said. July 2016 sales hit a strong 17.9-million-vehicle pace. GM said the seasonally adjusted annual sales rate fell to an estimated 16.9 million vehicles in July. At midmorning on Tuesday, GM shares were down 3.4 percent at $34.77, Ford was down 2.8 percent at $10.91, and Fiat Chrysler shares were down 0.3 percent at $12.05 in New York. GM sales dropped 15 percent from a year ago to 226,107 vehicles, as the company cut rental fleet sales more than 80 percent. The automaker said inventories of unsold vehicles at month's end were 104 days, down from 105 days at the end of June. GM has promised investors to reduce inventories to 70 days by year-end. Ford said its July sales dipped 7.5 percent to 200,212 vehicles, as it cut fleet sales more than 26 percent. Inventories fell to 77 days from 79 the previous month. Fiat Chrysler said sales dropped 10 percent to 161,477, as it also cut back sales to daily rental fleets. Among the top Japanese companies, only Toyota reported a year-to-year gain, with sales up 4 percent to 222,057 — just 4,000 units behind GM. Honda sales were down 1 percent to 150,980 — its first-quarter sales continuing to decline in North America but seeing a big increase in China. And Nissan sales fell 3 percent to 128,295. GM, Ford and Fiat Chrysler have cautioned that second-half financial results likely will be lower than first-half results, in part reflecting production cuts in North America and pricing pressures. The automakers this year have been deliberately dialing back sales to rental-car companies, which often generate little to no profit, while struggling to keep retail sales from sagging further, according to industry analysts. Industry consultant LMC cut its full-year forecast for new vehicle sales to 17 million vehicles. Automakers sold a record 17.55 million vehicles in the United States in 2016.

Successor to the Toyota 86 is on the way

Until now, Toyota and Subaru have been mum on the prospect of a follow up to the Toyota 86 and Subaru BRZ. Although both cars received mild refreshes and even milder power bumps, they're both essentially the same cars that hit the market nearly five years ago. It appears a successor is indeed on the way, as Autocar confirms that Toyota is developing a next-gen 86. Karl Schlicht, executive vice-president at Toyota Motor Europe, said that the 86 will live on past the current generation. "The car serves a big purpose," Schlicht said. "We are not getting out of that business. Sporty cars go through their phases. It's our intention to continue with that car." Toyota seems to be back in the sports car business, as the company has partnered with BMW on a new Supra. Like the current Toyota 86, it seems likely that the successor will be co-developed with Subaru. Schlicht says that to get the low center of gravity and the handling characteristics that come along with it, a horizontally opposed engine is a necessity. He admits that there is no firm confirmation of a commitment from Subaru. While no Schlicht gave no details about the new car, he did nix any possibility of a convertible variant. "We wouldn't do it on the current model," he said. "That doesn't mean dealers wouldn't like one, but there are so many other priorities that I don't think we've got spare capacity for that." Related Video:

First live photos and impressions of Toyota's 2014 Corolla

After releasing official pictures and a press release about an hour earlier, Toyota chose an aircraft hanger at the Santa Monica airport as the venue for the global introduction of its highly anticipated 2014 Corolla. Following an extended aerial acrobat show, which included performers running along the walls, swimmers romping in a massive overhead clear plastic pool and angry dancers destroying their cardboard stage in a glittery fit... the all-new C-segment star of the show was lowered on cables from the ceiling. (After the strobe lights and pounding sound that preceded it, the final vehicle reveal was almost anticlimactic.)
Face-to-face with the eleventh-generation sedan, we liked what we saw. Compared to last year's Corolla, the new model appears smaller in person - yet that is mostly an optical illusion. By the tape, it is four inches longer and slightly wider than its predecessor, but a bit shorter. The wheelbase has been stretched nearly four inches, yet the front and rear overhangs only give or take about an inch in the conversion. With the exception of the enormous wheel/fender gap (the new Corolla seems to ride too high), its overall proportions are very pleasing.
The fresh styling is modern and stylish, with sculpted lines that add character to a formerly bland sedan