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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.

Infiniti spruces up Q70L Bespoke Edition for Shanghai [w/video]

"Luxury" is a relative term. Take the Infiniti Q70, for instance, which most of us would find plenty luxurious. But some buyers – in China especially – wanted more, so Infiniti stretched it out into the Q70L. And now it's revealed the even more luxurious Q70L Bespoke Edition. Revealed for the first time at the Shanghai Motor Show down the coast from the company's global headquarters in Hong Kong, the Infiniti Q70L Bespoke Edition is designed to "fill the gap between the current interiors in production cars and luscious interiors of Infiniti's concept cars." That's been materialized through a quilted white leather cabin space with four individual seats hewn "by meticulous craftsmanship and three-dimensional textures." It all looks pretty swank to us, but not the kind of space you'd want to put your kids in with their juice boxes, crayons and dirty soccer uniforms. Check it out in the video clip, high-res images and press release below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Apr. 19, 2015 Infiniti unveils Q70L Bespoke Edition at Auto Shanghai; joins Q60 Concept and Q80 Inspiration in show debut - Infiniti Q70L Bespoke Edition revealed with concept-car inspired interior - Q80 Inspiration and Q60 Concept vehicles also make China premieres - Infiniti design, plus Global and China growth, highlighted Hong Kong/Shanghai – Infiniti today took the covers off its Infiniti Q70L Bespoke Edition at Auto Shanghai 2015, showcasing its concept car-inspired interior for the first time in front of the predominantly Chinese crowd. The special version of the production Q70L, with a 5.9-inch (150 mm) longer wheelbase, features four luxurious seats wrapped in rich white quilted leather. This exploration is meant to fill the gap between the current interiors in production cars and luscious interiors of Infiniti's concept cars. Shaped by meticulous craftsmanship and three-dimensional textures, the cabin of the Q70L Bespoke Edition has been transformed into a cossetting space, hinting at how the artistry of Infiniti's concept cars can become reality. The production model of the Infiniti Q70, and two more Infiniti concepts – the Q80 Inspiration and Q60 Concept – were also making Auto Shanghai debuts.

Infiniti will move back to Japan from Hong Kong in 2020

BEIJING – Nissan's premium brand Infiniti is relocating its headquarters back to Japan from Hong Kong, its home since 2012, to create "more operational efficiencies" with its parent company, according to a document seen by Reuters on Wednesday. The move planned for mid-2020, and expected to be publicly announced later on Wednesday, will help the Japanese automaker cut costs amid a slump in its global earnings in the year ended March 31. "The relocation will further integrate (Infiniti) with global design, research and development and manufacturing functions based in Japan," Nissan said in the statement, adding that Infiniti would continue to "operate independently". The move also was "crucial" for Nissan to follow through on its strategy to electrify the Infiniti lineup, the document said, with plans for every premium model launched from 2021 to be either all-electric or "e-Power" hybrid. A Nissan official, speaking on condition of anonymity, said that while there was a "fair amount of platform and other base technology sharing" between Infiniti and the main volume brand Nissan, "there could be more". Nissan's global operating profit plunged 45% in the last fiscal year and would likely drop another 28% to "rock bottom" in the current one, according to company filings earlier this month. Infiniti's move back to Japan will reverse a decision made under ousted leader Carlos Ghosn to dilute the premium brand's Japanese origins in order to foster a more global image. Its Hong Kong headquarters has about 180 employees who were told about the move back to Yokohama earlier on Wednesday, according to the Nissan official. The Hong Kong headquarters and the global image it was intended to promote were seen as critical for Infiniti to make inroads in China, where being Japanese can sometimes be a handicap because of historical animosities. In 2012, Infiniti and other Japanese brands took a battering in the wake of diplomatic spats over disputed islets known as Diaoyu in China and Senkaku in Japan. Since then, Japan's bilateral relationship with China has steadily improved and Japanese automakers including Nissan and Toyota are seeing their businesses expand, even as China's overall auto market has slumped over the past year. (Reporting by Norihiko Shirouzu; Editing by Stephen Coates)