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U.S. auto sales in April expected to drop despite big discounts

DETROIT — U.S. auto sales in April likely fell nearly 8 percent from the same month in 2017 despite big discounts for consumers, industry consultants J.D. Power and LMC Automotive said on Thursday. For much of the past two years, the discounts offered by automakers have remained at levels that industry analysts say are unsustainable and unhealthy in the long term. April U.S. new vehicle sales will likely be about 1.31 million units, down from 1.42 million units a year earlier, the consultancies said. The forecast was based on the first 17 selling days of April. Automakers, including Ford and Fiat Chrysler Automobiles, will release April U.S. sales results on May 1. Earlier this month, No. 1 U.S. automaker General Motors said it will stop reporting monthly U.S. sales because the 30-day snapshot does not accurately reflect the market. GM will instead issue quarterly sales reports. U.S. new vehicle sales fell 2 percent in 2017 to 17.23 million units after hitting a record high in 2016. Sales are expected to drop further in 2018 as interest rates rise and more late-model used cars return to dealer lots to compete with new ones. LMC expects full-year 2018 U.S. new vehicle sales to come in at around 17 million units. "Uncertainty and unfavorable factors appear to be mounting for autos, including a volatile stock market, rising interest rates, rising oil prices and potential trade roadblocks," Jeff Schuster, LMC's head of global vehicle forecasts, said in a statement. The seasonally adjusted annualized rate of sales for April will be 16.6 million vehicles, down more than 2 percent from 17 million units in April 2017, the consultancies said. Retail sales to consumers, excluding lower-margin fleet sales to rental agencies, businesses and government, were set to decline about 9 percent in April. The level of consumer discounts, which can erode profit margins and undercut resale values, "remains the larger concern," the consultancies said. The average discount was $3,698, up $187 from April 2017. Discounts on trucks and SUVs were up $426, but down $226 on passenger cars. Reporting by Nick CareyRelated Video: Image Credit: Reuters Earnings/Financials Chrysler Ford GM JD Power

FBI investigating recently fired Ford engineer for espionage

Agents of the FBI are investigating a potential case of industrial espionage involving a recently fired Ford employee. The Dearborn, MI-based manufacturer had its world headquarters searched by FBI agents on July 11, and according to The Detroit News, had warrants to seize recording devices handed over to Ford by Sharon Leach, a now-former Ford engineer.
Leach, who had spent 17 years with the Blue Oval, was fired last month, after Ford Security relieved her of eight Sansa listening devices. The FBI got involved shortly after her dismissal, searching her home on June 20 and seizing some two dozen items, including computers, jump drives and financial records, according to warrants obtained by The News.
Ford has remained quiet on the matter, with spokeswoman Susan Krusel confirming that the automaker was working with the FBI as part of a "joint investigation," while declining to provide any additional details.

Ford expands 'Do Not Drive' airbag warning to 33,000 more Ranger trucks

WASHINGTON — Ford on Monday warned an additional 33,000 owners of older pickup trucks in North America to stop driving them until potentially defective Takata Corp airbag inflators can be repaired. In January, Ford told 2,900 owners of model year 2006 Ford Ranger trucks to stop driving immediately after a second death was linked to inflators built on the same day. The expanded warning was prompted by additional testing, Ford, the second largest U.S. automaker, said in a statement, and now covers a broader time frame of production. Mazda Motor Corp said it was issuing a similar expansion for about 1,800 2006 Mazda B-Series trucks that were built by Ford after it had issued a warning for 160 trucks in January. The National Highway Traffic Safety Administration (NHTSA) said the vehicles pose "an immediate risk to safety" and urged owners to immediately schedule a free repair. Ford and Mazda have replacement airbag inflators available now and will tow vehicles to a dealership for repairs as well as provide loaner vehicles free of charge, the companies and NHTSA said. About 90 percent of the vehicles subject to the "Do Not Drive" warning are in the United States. Two U.S. senators in January questioned why Ford's warning only applied to a small number of the 391,000 2004-2006 Ranger trucks recalled because of Takata air bags in 2016 in the United States. Ford said last month the death in a July 2017 crash in West Virginia in a 2006 Ford Ranger was caused by a defective Takata inflator after a similar 2015 death in South Carolina. At least 22 deaths worldwide are linked to the Takata inflators that can rupture and send deadly metal fragments into the driver's body. The faulty inflators have led to the largest automotive recall in history. The other 20 deaths have occurred in Honda vehicles, most of which were in the United States. About a quarter of the 2,900 vehicles have been repaired since Ford issued the warning last month, the company said on Monday. Takata said in June it has recalled, or expected to recall, about 125 million vehicles worldwide by 2019, including more than 60 million in the United States. About 19 automakers worldwide are affected. Takata inflators can explode with excessive force, unleashing metal shrapnel inside cars and trucks and have injured more than 200 people. The defect led Takata to file for bankruptcy protection in June.Reporting by David ShepardsonRelated Video: