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Major automakers post mixed US June sales figures

General Motors, Ford and Fiat Chrysler Automobiles NV posted declines in US new vehicle sales for June on Monday, while major Japanese automakers reported stronger figures. Once again, demand for pickup trucks and crossovers offset a decline in sedan sales. Automakers' shares rose as overall industry sales still came in above Wall Street expectations. The US auto industry is bracing for a downturn after hitting a record 17.55 million new vehicles sold in 2016. Analysts had predicted that overall, US vehicle sales would fall in June for the fourth consecutive month. As the market has shown signs of cooling, automakers have hiked discounts and loosened lending terms. Car shopping website Edmunds said on Monday the average length of a car loan reached an all-time high of 69.3 months in June. "It's financially risky, leaving borrowers exposed to being upside down on their vehicles for a large chunk of their loans," said Jessica Caldwell, Edmunds' executive director of industry analysis. GM said its sales fell about 5 percent versus June 2016, but that the industry would see stronger sales in the second half of 2017 versus the first half. "Under the current economic conditions, we anticipate US retail vehicle sales will remain strong for the foreseeable future." GM shares were up 2.4 percent in morning trading, while Ford rose 3.3 percent and FCA shares jumped 6 percent. "US total sales are moderating due to an industry-wide pullback in daily rental sales, but key US economic fundamentals clearly remain positive," said GM chief economist Mustafa Mohatarem. "Under the current economic conditions, we anticipate US retail vehicle sales will remain strong for the foreseeable future." Ford said its sales for June were hit by lower fleet sales to rental agencies, businesses, and government entities, which fell 13.9 percent, while sales to consumers were flat. But it sold a record 406,464 SUVs in the first half of the year, with Explorer sales increasing 23 percent in June. And sales of the F-150 had their strongest June since 2001. On a media call, Ford executives said an initial read of automakers' sales figures indicated a seasonally adjusted annualized rate of around 17 million new vehicles for the month, which would be better than 16.6 million units analysts had predicted. FCA said June sales decreased 7 percent versus the same month a year earlier.

Trump Administration will look 'very carefully' at FCA/Peugeot deal

WASHINGTON — U.S. President Donald Trump's administration will look very closely at the planned merger between Fiat Chrysler and Peugeot owner PSA, White House economic adviser Larry Kudlow said on Friday. The deal, announced on Thursday, would create the world's fourth-largest automaker. "We will obviously look at it very, very carefully," Kudlow said on Bloomberg. "The president has not commented on the deal ... We're not afraid of doing business with international companies, Lord knows." When asked about the 12.2% equity stake and 19.5% voting stake China's Dongfeng Motors holds in PSA, Kudlow said: "With respect to the Chinese story, we obviously are alert and on guard." The deal, which would be structured as a 50-50 merger, would create the fourth-largest global automaker with annual sales of nearly 9 million vehicles. Fiat Chrysler told employees the deal could generate synergies of 3.7 billion euros but added "these synergies are NOT based on closing plants." Fiat Chrysler declined to comment. There has been speculation Dongfeng might sell its holdings, which could help ease the deal's passage through U.S. regulators, given U.S.-Chinese trade tensions. "We will welcome a good deal. We hope it will get more production in the United States, more factories and workers and employment in the U.S. And with respect to the Chinese angle, we will take a careful look at it," Kudlow said. Fiat Chrysler said on Thursday that "teams at both companies are working to finalize discussions and reach a Memorandum of Understanding in the coming weeks."

2013 Fiat 500e

A Juice Box With Style And Substance
It happens nearly every day, and as often as not, I'm the guilty party: someone slips an eBay Motors or Craigslist link into the fetid automotive stew that is the Autoblog editors' online chatroom. Typically, it's enough to momentarily derail an otherwise productive dialog about editing a breaking news item or researching an arcane bit of automotive history. Predictably, we've all got our favorites. Once dubbed "Mr. Other Makes" by a former coworker and friend who noticed my penchant for four-wheeled eBay esoterica, I can't help but spend at least a few minutes trawling the online classifieds every night before I go to bed, staring glassy-eyed at some basketcase Bitter SC, Inca-wheeled Saab 99 Turbo, a moonshot Plymouth Road Runner Superbird or resuming my quest to seek out the world's last remaining unmolested first-gen Nissan Sentra SE-R.
Every Autoblog staffer has their peccadilloes, Editor-in-Chief John Neff among them. His classified quests skew toward larger sport sedans that discreetly package big performance. As the former owner of a first-gen Ford Taurus SHO Plus, Neff is a serial viewer of Pontiac G8, Audi S6, Lincoln LS V8 and BMW M5 listings. Yet the current apple of his eye is the 500E. No, not the bubbly electric Fiat shown here that shares its name, but rather the imposing 1991-1994 Mercedes-Benz E-Class, a hand-built V8 monster developed and assembled with Porsche acting as Daimler's skunkworks. A rare car, its values are starting to escalate, a reality that has Neff closer than ever to pulling the trigger.