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U.S. auto sales fall in July, as Detroit dials back on inventory, rental sales

DETROIT — U.S. carmakers said on Tuesday they continued to slash low-margin sales to daily rental fleets in July as General Motors, Ford and Fiat Chrysler Automobiles struggled to curb a slide in retail sales. July is on track to be the fifth straight month in which the annual pace of car and light truck sales declined from the same month a year ago, in part because of fewer fleet sales, analysts and industry executives said. July 2016 sales hit a strong 17.9-million-vehicle pace. GM said the seasonally adjusted annual sales rate fell to an estimated 16.9 million vehicles in July. At midmorning on Tuesday, GM shares were down 3.4 percent at $34.77, Ford was down 2.8 percent at $10.91, and Fiat Chrysler shares were down 0.3 percent at $12.05 in New York. GM sales dropped 15 percent from a year ago to 226,107 vehicles, as the company cut rental fleet sales more than 80 percent. The automaker said inventories of unsold vehicles at month's end were 104 days, down from 105 days at the end of June. GM has promised investors to reduce inventories to 70 days by year-end. Ford said its July sales dipped 7.5 percent to 200,212 vehicles, as it cut fleet sales more than 26 percent. Inventories fell to 77 days from 79 the previous month. Fiat Chrysler said sales dropped 10 percent to 161,477, as it also cut back sales to daily rental fleets. Among the top Japanese companies, only Toyota reported a year-to-year gain, with sales up 4 percent to 222,057 — just 4,000 units behind GM. Honda sales were down 1 percent to 150,980 — its first-quarter sales continuing to decline in North America but seeing a big increase in China. And Nissan sales fell 3 percent to 128,295. GM, Ford and Fiat Chrysler have cautioned that second-half financial results likely will be lower than first-half results, in part reflecting production cuts in North America and pricing pressures. The automakers this year have been deliberately dialing back sales to rental-car companies, which often generate little to no profit, while struggling to keep retail sales from sagging further, according to industry analysts. Industry consultant LMC cut its full-year forecast for new vehicle sales to 17 million vehicles. Automakers sold a record 17.55 million vehicles in the United States in 2016.

McLaren MP4-30 marks Honda's hotly anticipated F1 return

McLaren's Formula One fortunes have drastically dropped in performance over the past couple of seasons. The Formula One team with a dozen Drivers' Championships, eight Constructors' Titles and 182 grand prix victories to its name hasn't won a race since 2012, and finished the past two seasons down in fifth place. But now it begins a new era – or rather, restarts one. And this is the machine that's kicking it all off. After a 23-year parting of ways, McLaren has brought Honda back onto the grid for this season, and will be the only team running the Japanese automaker's brand-new RA615H turbocharged hybrid power unit. Both parties are undoubtedly hoping the rekindled partnership will bring them back to the winning days of the late Eighties when Ayrton Senna and Alain Prost memorably drove their equipment to four consecutive World Championships. Largely an evolution of last season's Mercedes-powered MP4-29, the new chassis features a new front-end design to comply with the latest adjustment to the regulations from the FIA, and also incorporates a slimmer rear end built around the new Honda engine and gearbox. It also features a revised livery that adds more black to the red and silver color scheme, and does without a title partner for the time being, but includes the logos of sponsors Mobil1, SAP, TAG Heuer, Johnnie Walker, Hilton, CNN and KPMG, as well as that of Honda. Though this season will likely be more of a transition and development year for McLaren and Honda, all eyes will surely be fixed on the team to see how the new MP4-30 will fare. Fortunately, they've lined up a compelling roster of drivers, lead by former World Champions Fernando Alonso and Jenson Button. McLAREN-HONDA BEGINS NEW ERA WITH MP4-30 #McLarenHonda #MakeHistory McLaren-Honda – the name evokes stirring memories of the past; of Ayrton Senna battling Alain Prost for supremacy; of classic red and white machines dominating for season upon season; of an iconic team writing one of the defining chapters in the motor racing history books. Reuniting such an illustrious partnership brings with it the heavy weight of expectation, but all at McLaren and Honda are working to write a fresh chapter in Formula 1, one that respectfully nods to the past, but boldly looks to the horizon. Today's reveal of the new McLaren-Honda MP4-30 – McLaren's first Honda-powered car for 23 years – speaks volumes about the progressive nature of both companies.

2015 Mexican Grand Prix is a lot like old times

The last time Formula One visited Mexico, in 1992, 26 cars powered by eight engine manufacturers (counting Honda and Mugen-Honda separately) lined up on the grid; it would have been nine engine makers but the Brabham-Judd cars failed to qualify. In 1992 Lewis Hamilton was seven years old, Sebastian Vettel was five, Max Verstappen was still five years away from being born. Two of the current Sky Sports F1 commentary team, Martin Brundle and Johnny Herbert, were drivers. The starting three were Nigel Mansell on pole – 39 years old, this the year he'd win his only World Championship – and Riccardo Patrese both driving Williams-Renault cars, followed by Michael Schumacher in a Benetton-Ford. Only 13 of the 26 starters would finish. The circuit is has been reworked to today's safer standards, the track surface is brand new and slippery, but the atmosphere and packed grandstands haven't changed. Nico Rosberg was another point of consistency, scoring pole position for the fourth race in a row to beat his now-World-Champion teammate Hamilton by almost two-tenths of a second. The last time Rosberg turned pole position into a victory? The Spanish Grand Prix back in May. Vettel locked up third for Ferrari, followed by the Infiniti Red Bull Racing duo of Daniil Kvyat and Daniel Ricciardo. Williams went two-up as well, Valtteri Bottas in sixth ahead of Felipe Massa in seventh. Max Verstappen turned in a great late lap to reserve eighth place, Sergio Perez did all he could in front of his home crowd to get ninth, teammate Nico Hulkenberg the caboose in the top ten. In that 1992 race the first three on the grid finished the race in the same order after Mansell dominated, and it was almost the same in 2015. If Rosberg had driven the whole season like he drove today the Driver's World Championship would still be up for grabs. He got a great start and held his line through the first corner, coming out ahead of Hamilton through the initial kinks, pulling away as soon as he got to the straight. Hamilton was never more than a few seconds behind, but every time the Brit inched closer the German found a few more tenths to keep his distance. The field got bunched up when the Safety Car came out on Lap 53 after Vettel spun and got stuck in the barriers, but Rosberg handled the restart perfectly. Both drivers made small mistakes in the last few laps while driving on the edge, but Rosberg earned a strong victory, crossing the line two seconds ahead of his teammate.