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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 parts ways with Red Bull Racing

The partnership between Infiniti and Red Bull Racing is done. The team announced that it will no longer run under branding from the luxury automaker and will drop the Infiniti name from its own. The shift is effective at the end of this year. Infiniti signed on as a sponsor of the Formula One team back in 2011 when Red Bull was at the height of its dominance and on the path to the second of four consecutive world championships. Two seasons later it stepped up to naming rights, with the team officially rebranded as Infiniti Red Bull Racing. But while the cars ran under motivation from the automaker's ally Renault, they stopped short of rebranding the engines as Infiniti's, leaving it in the unusual situation of being a title sponsor of (but not directly involved in) an F1 racing team. For next season, Red Bull will continue running the Renault power unit, albeit rebranded under the TAG Heuer name. In the process, the team will no longer have any branding from the French automaker or any of its associated brands. Meanwhile sister-team Toro Rosso is switching from Renault to Ferrari power for next season, while Lotus is prone to switch back to Renault engines and ownership. The French automaker also recently canceled its support of the feeder series known until now as Formula Renault 3.5. Infiniti has carried out only limited racing programs in its quarter-century history. Aside from the Red Bull partnership, it directly sponsored Sebastian Vettel up until his departure for Ferrari. The company also supplied IndyCar engines in the late 1990s, then sponsored the Indy Lights series for a few years. It recently helped a privateer team prepare a Q50 for the British Touring Car Championship, but otherwise hasn't had any top-tier factory racing programs to speak of. That makes it one of the few Renault Nissan Alliance brands (and Japanese automakers) not to actively participate in motorsports. Related Video:

2019 Infiniti QX50

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