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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.

Recharge Wrap-up: Eberhard helps Chinese EV maker in US, 'Hail a Honda' at Austin City Limits

Honda is partnering with nonprofit ridesharing service Ride Austin to provide "Hail A Honda" service during the Austin City Limits Music Festival. For both weekends of the festival (Sept. 30 – Oct. 2 and Oct. 7 – Oct. 9), attendees can ride to the event for free in a special liveried 2016 Honda CR-V. The Ride Austin app will feature a "Honda at ACL Festival" tab to hail rides, and users will get a free bandana and water. 2016 marks Honda's eighth year as an Austin City Limits sponsor, and the automaker hosts its own stage at the event. Read more from Honda. Tesla cofounder Martin Eberhard is helping a Chinese EV company enter the US market. Chongqing Sokon Industry Group says it has hired Eberhard as a consultant with a two-year contract. Sokon has created a US-based subsidiary called SF Motors, and Eberhard will manage "the integration of the world's top talent for new energy vehicles, to promote the company's product positioning, R&D, design, technical innovation, talent pool, marketing, in the United States." Since helping to found Tesla, Eberhard has worked on EVs with Volkswagen, Atieva, and as an investor in Alta Motors. Read more at Electrek. A supplier for the Tesla Model 3 describes the automaker's perfectionism. Fuji Technica, a die maker supplying aluminum dies for the Model 3, describes its relationship with Tesla in an article from the Nikkei Asian Review. The company calls Tesla a demanding customer, asking for very specific shapes despite the difficulty of working with aluminum. Fuji Technica must work some dies by hand to achieve Tesla's "meticulous specifications." The company is proud of its achievements, though, especially considering its turnaround after years of financial troubles. Read more from the Nikkei Asian Review, and at Inside EVs. Related Gallery Tesla Model 3 View 18 Photos News Source: Honda, Electrek, Inside EVs, Nikkei Asian Review Green Marketing/Advertising Honda Automakers Tesla Transportation Alternatives Electric recharge wrapup

Weekly Recap For 4.22.16 | Autoblog Minute

Senior Editor Greg Migliore recaps the week in automotive news, including a look at the latest from the VW diesel emissions scandal, spy shots of the latest Honda CR-V, and more. Ferrari Honda Volkswagen Crossover Autoblog Minute Videos Original Video emissions scandal diesel emissions scandal