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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.

2023 GMC Sierra prices up, start at $38,995 for Sierra Pro Regular Cab

It was only 90 days ago that GM Authority, typically a reliable source in these matters, reported on pricing for the 2023 GMC Sierra lineup before official numbers were released. Those early figures were apparently just placeholders. Now that GMC's uploaded the full 2023 configurator for the 2023 Sierra, not only are MSRPs higher except on the base trim, the destination charge has risen from $1,795 to $1,895. The sticker prices including destination and their changes from those late August sums are: Sierra Pro Regular Cab Standard Box 2WD Turbo 2.7L I4 L3B $38,995 ($1,025 less) SLE Double Cab Std Box 2WD Turbo 2.7L I4 L3B $52,095 ($1,100) Elevation Double Cab 2WD Turbo 2.7L I4 L3B $53,795 ($1,200) SLT Crew Cab Short Box 2WD 5.3L V8 L84 $57,795 ($1,300) AT4 Crew Cab Short Box 4WD Turbo-diesel 3.0L I6 LZ0 $68,595 ($1,495) AT4X Crew Cab Short Box 4WD 6.2L V8 L87 $83,595 ($3,395) Denali Crew Cab Short Box 2WD 5.3L V8 L84 $67,595 ($1,095) Denali Ultimate Crew Cab Short Box 4WD Turbo-diesel 3.0L I6 LZ0 $82,940 ($745) The Sierra's price bumps ranging from $745 to $3,395 come in tandem with the prices of the 2023 Chevrolet Silverado going up anywhere from $800 to $1,800. The $3,395 MSRP boost on the Sierra AT4X skews the price curve because of extra equipment. GMA reported in July that the standard AT4X would inherit parts from the Sierra ATVX AEV created in collaboration with American Expedition Vehicles. That's what's happened. A revised grille with gloss black and dark nickel trim, AEV front and rear bumpers with increased approach and departure angles, a hot-stamped hardened steel front skid plate inflate the cost and give the ATX4 a little more capability off-road. The equipment list also narrows the gap from the regular AT4X to the AT4X AEV, the latter going just a bit further with four more skid plates, AEV's Salta wheels, and a smattering of black trim around the body. We're still waiting for official pricing on the AT4X AEV. The image above shows shows how similar both trucks will look when the AEV arrives, with the standard AT4X on the left, the AT4X AEV on the right. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2023 Detroit Auto Show Editors' Rankings

The 2023 Detroit Auto Show was back in its traditional location, though in its fall spot in the calendar, and it was another pretty quiet event. By our count, only five new models, or model lines, were revealed and brought to the floor; all of which came from Detroit's own car companies. Still, some of them were quite significant, and the types were diverse. Naturally, we also had our favorites. So take a look to see how we ranked the reveals of the Detroit Auto Show. 2025 Cadillac CT5 View 15 Photos 5. 2025 Cadillac CT5 The refresh for the 2025 Cadillac CT5 is no great revelation, because it doesn’t have to be. An already solid, attractive design means only light tweaks were made to its appearance, and the new front fascia and redesigned lights just make the CT5 just that much more aggressive. So what was missing from the current model? Apparently, the answer was a gorgeous 33-inch curved LED display serving as both infotainment and instrument cluster. It has touchscreen capability to both the right and left sides of the steering wheel, and provides 9K resolution. Update some of the safety and driver assist tech, and — boom — the CT5 is properly modernized. Now bring on the updated Blackwing. –Senior Editor, Green, John Snyder 2024 Jeep Gladiator Live View 10 Photos 4. 2024 Jeep Gladiator Jeep carved out plenty of time for what is essentially a no-brainer mid-cycle refresh, but thereÂ’s one among us who is easily swayed: Me. I dumped the maximum number of points allotted on the 2024 Gladiator with only three words of explanation: "I like Jeeps." But this is kind of a big deal. The Gladiator pulled a lot of weight for Stellantis during the pandemic by providing an alternative to pickup buyers while Ram dealers were scraping the bottom of the supply barrel. To be fair, we're probably giving the Gladiator a bit of advance credit here for its promise to deliver a 4xe variant in 2025, but who else is talking about their PHEV pickup plans? Your move, Ford. –Associate Editor Byron Hurd. 2024 GMC Acadia AT4 View 17 Photos 3. 2024 GMC Acadia The 2024 GMC Acadia is the one reveal from this yearÂ’s Detroit Auto Show that was actually a totally new vehicle, and as far as three-row SUVs go, GMC aced it. The exterior has its own personality separate from its Chevrolet Traverse twin. Its AT4 trim is legit with more ground clearance, a torque-vectoring rear diff and sweet orange marker lights on the fenders.