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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.

Volkswagen Tiguan tunes up for Frankfurt show

Volkswagen is in the phase of testing where it's simply beating the crap out of the next-generation Tiguan. The German manufacturer is conducting high-altitude towing tests in the Alps of mules wearing the production-ready body of its second-gen compact CUV. This is the first time we've seen the Tiguan in its production body, and despite the ample camouflage, the resemblance to not only the Passat sedan, but the Cross Coupe GTE and CrossBlue concepts, is clear. That's particularly true based on what we can see of the new Tiguan's grille and headlight treatment. In back, the Tiguan will adopt a more sporting roofline, particularly in the aggressive rake of the D-pillar. It's significantly different than the current car, and frankly, that's no bad thing. Expect the usual array of gas and diesel four cylinders with both front- and all-wheel drive on offer. On the high end, meanwhile, our spies claim a 300-horsepower R model could eventually be added to the range. Aside from its new look, future variants could see the crossover spawn both a long-wheelbase version and a coupe-like model. That said, we're wondering how a long-wheelbase Tiguan would fit into the VW range alongside the long-rumored, American-built, three-rower. According to our spies, though, neither one of those vehicles would arrive until well after the vehicle shown above debuts. As for when we can expect to see the second-gen Tiguan, our spies point to September's Frankfurt Motor Show. Be sure to check back then.

2019 Chicago Auto Show Special | Autoblog Podcast #570

On this week's Autoblog Podcast, Editor-in-Chief Greg Migliore and Associate Editor Reese Counts discuss the 2019 Chicago Auto Show, including the debuts of the Toyota RAV4 TRD, refreshed Toyota Tacoma, the Mazda Miata 30th Anniversary Edition and the new Subaru Legacy. We also announced our best-of-show winners. We also talk about a couple of SUVs we've had at the office, the new Mercedes-Benz G-Class and the BMW X5. Finally, we spend your money on a new, fun vehicle for winter. Autoblog Podcast #570 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown 2020 Volkswagen Jetta GLI 2019 Mazda Miata 30th Anniversary Edition 2020 Subaru Legacy 2019 Ram 1500 split tailgate 2019 Toyota RAV4 TRD Off-Road Chicago Auto Show Editor's Picks Mercedes-Benz G550 BMW X5 Feedback Email – Podcast@Autoblog.com Review the show on iTunes Podcasts Chicago Auto Show BMW Mazda Mercedes-Benz RAM Subaru Toyota Volkswagen Videos Original Video