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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.

Honda and Isuzu announce hydrogen partnership for heavy-duty trucks

TOKYO — Japan's Honda and Isuzu on Wednesday said they would jointly research the use of hydrogen fuel cells to power heavy-duty trucks, looking to expand fuel cell use by applying the zero-emission technology to larger vehicles. As part of a two-year deal, Isuzu will test Honda's fuel cell powertrain, which was designed for passenger cars, in Isuzu's commercial trucks, the companies said, which could pave the way for using the technology in a wider range of vehicles. Automakers are looking to develop more electric vehicles (EVs) to comply with tightening global emissions regulations. Many see battery-powered EVs as a solution for passenger cars in urban settings, but a growing number see hydrogen fuel cells as an effective way to power trucks, buses and other big vehicles. "Although we have done extensive R&D into passenger FCVs (fuel cell vehicles), we have not been able to study how best to apply the technology to commercial vehicles," a Honda spokesman told reporters at a briefing. "This partnership will allow us to do that." Fuel cell vehicles generate their own electricity using hydrogen stored in onboard tanks. This enables them to travel longer distances and refuel more quickly than battery EVs, while using less costly energy storage systems. "We think that FCV technology is well suited for heavier trucks which travel longer distances, and this partnership will enable us to examine this further," an Isuzu spokeswoman said, adding that the truck maker was also developing various lower-carbon powertrains including battery-electric technology for shorter-distance vehicles. With its Clarity Fuel Cell sedan, Honda is one of a handful of automakers which have developed and marketed fuel cell-powered passenger cars. Light- and medium-sized truck specialist Isuzu has for years has focused on diesel engine technology and has yet to market fully electric vehicles. But a price tag starting around $70,000 for the Clarity and scant hydrogen fueling infrastructure globally, Honda has seen limited take-up of that model and other FCVs since they began marketing them around 2015. In 2018 Honda sold just 654 Clarity FCVs, which are available only in Japan and the United States through leasing programs, compared with Honda's total annual global sales of 5.23 million cars.

2024 Honda Prologue name announced, and an Acura EV follows

Honda is revealing a couple of little nuggets of information about its future EVs today, shedding more light on the partnership between it and GM on electric vehicle technology. The big news is that Honda’s first new EV made in this partnership will be called Prologue, and it will be an SUV produced for the 2024 model year. HondaÂ’s “Prologue” logo is revealed with this news, and a few additional details about the car itself are, too. On the obvious front, Honda says the Prologue will ride on GMÂ’s global EV platform and use GMÂ’s Ultium battery technology. The company is also promising “versatility and driving range on par with our current lineup of rugged SUVs.” “Our first volume Honda BEV will begin our transition to electrification, and the name Honda Prologue signals the role it will play in leading to our zero-emission future,” says Dave Gardner, executive VP of American Honda. “The Prologue will provide our customers with a battery-electric SUV with the excellent functionality and packaging theyÂ’ve come to expect from Honda.” ItÂ’s not just Honda that will join in on the fun, though. An electric Acura SUV was also announced today. Just like the Honda, it will use GMÂ’s electric vehicle platform. A model year for the Acura wasn't promised, but Honda claimed it would be revealed “in the 2024 calendar year.” Any details beyond what you see here are being kept under wraps by Honda. WeÂ’re told to expect more “specific details” to be released over the coming months. Basically, expect a slow drip of information about the Prologue leading up to a full reveal where Honda finally shares all there is to know about the SUV. Looking even further into the future, Honda promises EVs based on an in-house-developed EV platform sometime in the second half of this decade. For now, itÂ’s calling this future platform “e:Architecture.” Ultimately, Honda promises that 100% of its auto sales in North America will be fully electric by 2040. The 2024 Prologue is the brandÂ’s first step toward this ambitious goal. Related video: