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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.

Toyota asking NHTSA for waiver on 206K vehicles

Toyota has filed a petition with the National Highway Traffic Safety Administration asking for a waiver to avoid recalling about 206,271 2012-2014 Camry, Avalon, Corolla, Sienna, Tundra and Tacoma vehicles, some of its most popular models. The affected vehicles contain seat heaters that might not meet government flammability standards. Toyota says in the waiver that "the chance of fire or flame induced by a malfunctioning seat heater is essentially zero," according to The Detroit News. The automaker notes the part makes up less than one percent of the seat's weight.
Initial reports of the problem arose in late January when Toyota issued a stop-sale order for 2013 and 2014 model year versions of those vehicles. The automaker says that there have no been reports of fires or injuries in the affected cars, and the problem was discovered during testing by the South Korean government, according to The Detroit News.
We've reached out to Toyota for comment on this development and are awaiting a reply. We'll update this post if and when we hear back.

Weekly Recap: Bentley Bentayga leads luxury SUV charge at Frankfurt

The Bentley Bentayga is launching a new era of ultra high-end sport utility vehicles that will see luxury makers vie for the world's richest and most exclusive customers. The Bentayga is Bentley's first SUV, and it will formally debut next week at the Frankfurt Motor Show. It's loaded with Bentley's best technology and features, led by a 600-horsepower W12 engine. The mission is simple: stop giving up sales to other companies by not having an SUV in its portfolio. "It creates an entirely new category of ultra-luxury SUV, where there are currently few rivals," IHS Automotive analyst Ian Fletcher said in a report. But Bentley and the Bentayga will soon face stiff competition. Archrival Rolls-Royce will produce its own crossover to be built in England, though timing is unclear. Lamborghini has approved plans for a ute that will be assembled in Italy and launch in 2018. Even the sportier British brands are getting into the market. Aston Martin will make a crossover version of the DBX concept shown earlier this year in Geneva, and Jaguar is launching the F-Pace crossover, which will debut in Frankfurt. These new entries will invigorate a segment that's comprised of the Mercedes G63 AMG and the Land Rover Range Rover SV Autobiography, and Bentley is poised to grab a large share of it, Fletcher noted. IHS forecasts Bentayga sales could hit 3,000 units per year in 2017 and 2018, pushing total Bentley sales to more than 10,000 in the next few years. The vehicle will also get plug-in hybrid and diesel variants to widen its reach. The Bentayga is a sales grab, for sure, but Bentley took care to ensure the SUV remained true to the brand. It's laden with the top-shelf wood, leather, and metal, and it comes standard with an expansive panoramic glass roof. It also has intelligent features like electronic night vision and an optional responsive off-road system that can be configured to adapt to eight different settings. It's a different kind of Bentley, but it's a harbinger of things to come for the world's richest luxury makers. Other News & Notes Toyota debuts next-gen Prius Toyota revealed the next-generation of its iconic fuel-sipping hybrid, the 2016 Prius, at an event in Las Vegas. The car promises 10-percent gains in fuel efficiency, though actual figures – and even powertrain specifics – were not revealed. We estimate that could mean about 56 miles per gallon in city driving and 53 on the highway.