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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.

Watch Sebastian Vettel become first driver to lap Sochi GP circuit

In April of last year, Sebastian Vettel and David Coulthard drove the unpaved Sochi Formula One circuit in a pair of Infiniti M sedans, getting both muddy and airborne in the process. Now with tarmac laid down and fences put up, Vettel and Coulthard have gone back to the Black Sea vacation spot for another hot lap, this time in a Q50 Hybrid and without the need for mud flaps.
Sochi has earned the blessing of F1's race director, so now the next test will be the fans. With a healthy amount of wall-and-fencing along the straights, it has shades of Valencia for the viewer. We hope it will be much more exciting than its Spanish counterpart when racing happens on October 12. You'll find more videos below covering Infiniti's visits to the Sochi Autodrom, and a press release on the latest lap.

Infiniti cribs new US boss from Porsche

Just weeks before he was supposed to become CEO of Porsche Cars Australia, Infiniti has apparently offered Porsche COO and Executive Vice President Michael Bartsch a deal he couldn't refuse. Thus, Bartsch has join the company as Vice President of Infiniti Americas, the luxury marque's top North American post. Bartsch replaces Ben Poore, who has been with the automaker since 2008, having led both a 22-percent sales surge in 2012 and the brand's current sales slough, Automotive News reports.
Bartsch, Porsche's No. 2 US executive, has held the COO and Executive Vice President positions at Porsche since 2005 and was scheduled to become CEO of Porsche's Oz division on September 1. Infiniti has experienced a number of recent personnel changes in the past week: it named Vincent Gillet, formerly an executive for Starwood Hotels & Resorts, to lead its marketing efforts worldwide and Simon Cox, a former designer for automakers including Ford and Peugeot, to head a new design studio in London.
Poore reportedly will pursue other interests outside of the auto industry. Read more about the personnel change in the press release below.