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Auto sales in March and first quarter down nearly across the board

Nearly every major automaker reported weak U.S. sales for March and the first quarter of 2019, citing a rough start to the year, but said a robust economy and strong labor market should encourage consumers to buy more vehicles as 2019 rolls on. GM, which no longer releases monthly sales figures, saw first-quarter sales fall 7 percent, with declines across all brands. Sales of Silverado pickup trucks fell nearly 16 percent and the high-margin Chevy Suburban large SUV dropped 25 percent. Ford also no longer releases monthly sales numbers, but is due to release its first-quarter sales figures on Thursday. According to industry data, Ford's sales fell 2 percent in the quarter and 5 percent in March. Ford representatives did not immediately respond to requests for comment. FCA reported a 7 percent fall in U.S. sales in March and a 3 percent drop for the first quarter. All of FCA's brands dropped in March, except for Ram, which saw a 15 percent increase in pickup truck sales. "The industry had a tough first quarter, but with spring finally starting to show its face and continued strong economic indicators ... we are confident that new vehicle sales demand will strengthen going forward," FCA's U.S. head of sales, Reid Bigland, said in a statement. Toyota reported a 3.5 percent fall in U.S. sales in March and 5 percent for the first quarter, hurt by declining demand for its Corolla sedans and Camry vehicles. "While some of our competitors are abandoning sedans, we remain optimistic about the future of the segment," Toyota said in a statement. Nissan posted a 5.3 percent drop in sales in March, and its first-quarter sales were down 11.6 percent. Honda and Hyundai bucked the trend. Honda's U.S. sales rose 4.3 percent in March and 2 percent in the quarter, while Hyundai's were up 1.7 percent and 2.1 percent, respectively. Passenger-car sales suffered throughout the January-March quarter compared with the same period in 2018 as Americans continued to abandon them in favor of larger, more comfortable pickup trucks and SUVs, which are far more profitable for automakers. The battle for market share in the particularly lucrative large-pickup truck market intensified in the quarter, as Fiat Chrysler Automobiles' Ram brand outsold the U.S.' No. 1 automaker General Motors' Chevrolet-brand trucks. The two automakers have both launched redesigned pickup trucks.

Frustrated GM investors ask what more Mary Barra can do

DETROIT — General Motors Co Chief Executive Mary Barra has transformed the No. 1 U.S. automaker in her almost five years in charge, but that is still not enough to satisfy investors. Ahead of third-quarter results due on Oct. 31, GM shares are trading about 6 percent below the $33 per share price at which they launched in 2010 in a post-bankruptcy initial public offering. The Detroit carmaker's stock is down 22 percent since Barra took over in January 2014. After hitting an all-time high of $46.48 on Oct. 24, 2017, the shares have declined 33 percent. In the same period, the Standard & Poor's 500 index has climbed 7.8 percent. Several shareholders contacted by Reuters said GM could face a third major action by activist shareholders in less than four years if the share price does not improve. "I've been expecting it," said John Levin, chairman of Levin Capital Strategies. "It just seems a tempting morsel to somebody." Levin's firm owns more than seven million GM shares. Barra has guided the company through the settlement of a federal criminal probe of a mishandled safety recall, sold off money-losing European operations, and returned $25 billion to shareholders through dividends and stock buybacks from 2012 through 2017. GM declined to comment for this story, but the company's executives privately express frustration with the market's reluctance to see it as anything more than a manufacturer tied mainly to auto market sales cycles. GM's profitable North American truck and SUV business and its money-making China operations are valued at just $14 billion, excluding the value of GM's stake in its $14.6 billion Cruise automated vehicle business and its cash reserves from its $44 billion market capitalization. The recent slump in the Chinese market, GM's largest, and plateauing U.S. demand are ratcheting up the pressure. GM is one of the few global automakers without a founding family or a government to serve as a bulwark against corporate raiders. In 2015, a group led by investor Harry Wilson pressed GM to launch a $5 billion share buyback, and commit to what is now an $18 billion ceiling on the level of cash the company would hold. In 2017, GM fended off a call by hedge fund manager David Einhorn to split its common stock shares into two classes. Einhorn, whose firm still owned more than 21 million shares at the end of June, declined to comment about GM's stock price. Other investors said there were no clear alternatives to Barra's approach.

Recharge Wrap-up: Phoenix Cars delivers ZEUS to Navy, Volt saves gas compared to i-MiEV

Phoenix Cars has delivered its first Zero Emissions Utility Shuttle (ZEUS) flatbed truck to the US Navy. The electric flatbed will be used to transport maintenance materials around Naval Base Ventura County Port Hueneme. The Phoenix ZEUS features a 100-mile range, and can charge in just three hours. It also features vehicle-to-grid technology and direct power capability, allowing it to function as a mobile power station. ZEUS customers enjoy an eight-year/300,000-mile battery warranty and round-the-clock technical support from Phoenix. Phoenix launched an electric passenger shuttle last year, and years ago worked on an electric sport utility truck before shifting over to larger vehicles. Read more in the press release from Phoenix Cars. A man found that he used less gas by trading in his Mitsubishi i-MiEV for a Chevrolet Volt. Ben Rich saved fuel in part by using his Volt for road trips rather than needing to rent cars. Rich also found other benefits to driving a Volt, including more comfort, more freedom of movement and less range anxiety. Rich often had to turn off the heat in the winter to eke out precious miles in the Mitsubishi, which he needn't do in the Chevy, though he did have a gripe about the Volt using the gas motor to warm the car. Read more at Green Car Reports. EV drivers using the ChargePoint network have traveled over 196 million miles without gasoline. ChargePoint has tallied over 9 million charging sessions for a total of 65 gigawatt hours of energy. Based on national efficiency averages of three miles per kWh and 23.9 miles per gallon, this has saved 8.2 million gallons of gasoline and 60 million pounds of CO2. This accounts for what ChargePoint calls a "huge environmental impact." Read more in the release from ChargePoint below. The Environmental Impact of ChargePoint Drivers Campbell, Calif.– We all know electric vehicles (EV) have enormous environmental advantages over gas vehicles. Plug-in EVs reduce carbon-based greenhouse gases, improve air quality and reduce our dependence on fossil fuels. EV drivers on the ChargePoint network have had a huge environmental impact. With over 9 million charging sessions delivering 65 gigawatt hours of energy, EV drivers have avoided over 60 million pounds of CO2 and 8.2 million gallons of gasoline, and driven over 196 million gas-free miles. *Based on national averages: EV efficiency of 3 miles per kWh, gas efficiency of 23.9 mpg and a net savings of 0.924 pounds of CO2 per kWh.