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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.

Driving the Honda Ridgeline and marveling at Tesla | Autoblog Podcast #638

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski and Associate Editor Byron Hurd. They start off talking about why more people should buy the Honda Ridgeline, because it's a pretty darned good truck. Next, Byron talks about some Hyundais. He shares his experiences with the 2020 Sonata Hybrid and talks briefly about the prototype 2021 Elantra currently occupying his driveway. Up next, Jeremy shares his feelings about the BMW X1 crossover he spent some time with, prompting the gang to mull over the notion of BMW's modern interpretation of "Ultimate Driving Machine." After that, Byron talks about towing his 1990 Mazda Miata with the 2020 Infiniti QX80, and then they wrap up with some discussion of the mystery surrounding the Ford Maverick and some comments on the current state of Tesla. Autoblog Podcast #638 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Hauling dirt with the 2020 Honda Ridgeline Driving the 2020 Hyundai Sonata Hybrid Discussing the 2021 Hyundai Elantra Driving the 2020 BMW X1 Towing a 1990 Mazda Miata with a 2020 Infiniti QX80 News Ford Maverick tailgate stamping leaks; we may see the whole thing in 2021 Tesla reports profit for fourth straight quarter, setting it up to join S&P 500 Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

Infiniti to launch first electric car, to be made in China

BEIJING — The first electric car for Nissan's premium brand Infiniti will be a sporty sedan produced in China, the Japanese carmaker said in a statement viewed by Reuters ahead of a public announcement expected as soon as Wednesday. The vehicle would hit the market in around three years, and consumers would get a taste when the company unveils a concept car, dubbed the Qs Inspiration electric sedan, at the Shanghai auto show later this week, Nissan officials said. "China has the most growth potential for electric vehicles globally, especially in the premium segment," Infiniti Chairman Christian Meunier said in the statement seen by Reuters. Automakers operating in China have to sell more so-called new-energy vehicles, either battery electric cars or plug-in electric hybrids, to comply with official production quotas designed to reduce smog. It was not immediately clear whether Infiniti planned to produce its first electric vehicle in other markets. An Infiniti spokesman said, however, the brand did not intend to export the e-sedan from China. The planned e-sedan is part of Infiniti's longer-term strategy to significantly electrify its product lineup. Brand officials have said that from 2021 every Infiniti model launched will be either an all-electric car or so-called "e-Power" hybrids, underlining Nissan's previously announced plan to make Infiniti primarily an electrified offering. The sedan likely would be built on a new flexible architecture developed specifically to accommodate electrified powertrains, Infiniti said in the statement. Its design, especially the interior, would be significantly different than current models, design chief Karim Habib said. EVs do not have bulky gasoline engines and transmissions, opening up space inside the car. "It will have a flat floor, and if you are a passenger you can cross your legs or stretch out your legs," Habib told Reuters. Competition in China's rapidly emerging electric car market is heating up amid an onslaught of models from startups such as Nio and WM Motor, as well as those from established automakers. In the luxury segment, Infiniti will be competing with Tesla Model S and Model X, as well as other models due to be launched in coming months by Audi, Mercedes-Benz, BMW and Lexus.