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The next steps automakers could take after sales drop again in April

DETROIT (Reuters) - Major automakers on Tuesday posted declines in U.S. new vehicle sales for April in a sign the long boom cycle that lifted the American auto industry to record sales last year is losing steam, sending carmaker stocks down. The drop in sales versus April 2016 came on the heels of a disappointing March, which automakers had shrugged off as just a bad month. But two straight weak months has heightened Wall Street worries the cyclical industry is on a downward swing after a nearly uninterrupted boom since the Great Recession's end in 2010. Auto sales were a drag on U.S. first-quarter gross domestic product, with the economy growing at an annual rate of just 0.7 percent according to an advance estimate published by the Commerce Department last Friday. Excluding the auto sector the GDP growth rate would have been 1.2 percent. Industry consultant Autodata put the industry's seasonally adjusted annualized rate of sales at 16.88 million units for April, below the average of 17.2 million units predicted by analysts polled by Reuters. General Motors Co shares fell 2.9 percent while Ford Motor Co slid 4.3 percent and Fiat Chrysler Automobiles NV's U.S.-traded shares tumbled 4.2 percent. The U.S. auto industry faces multiple challenges. Sales are slipping and vehicle inventory levels have risen even as carmakers have hiked discounts to lure customers. A flood of used vehicles from the boom cycle are increasingly competing with new cars. The question for automakers: How much and for how long to curtail production this summer, which will result in worker layoffs? To bring down stocks of unsold vehicles, the Detroit automakers need to cut production, and offer more discounts without creating "an incentives war," said Mark Wakefield, head of the North American automotive practice for AlixPartners in Southfield, Michigan. "We see multiple weeks (of production) being taken out on the car side," he said, "and some softness on the truck side." Rival automakers will be watching each other to see if one is cutting prices to gain market share from another, he said, instead of just clearing inventory. INVESTORS DIGEST BAD NEWS Just last week GM reported a record first-quarter profit, but that had almost zero impact on the automaker's stock. The iconic carmaker, whose own interest was once conflated with that of America's, has slipped behind luxury carmaker Tesla Inc in terms of valuation.

12 new cars that will never go out of style

Some cars never go out of style. It’s rare, but it happens. They get old. They get depreciated. But they never stop looking cool.  Some might call them modern or instant classics. Within a few years theyÂ’re no longer the latest and greatest, no longer the flavor of the month, but they remain special. Eternally special. Timeless.  These cars arenÂ’t necessarily going to be worth a fortune someday. However, some may not depreciate as rapidly or as far as other models. But thatÂ’s not what weÂ’re talking about here. These are the cars that enthusiasts will always find desirable from the curbside. TheyÂ’re the cars you end up shopping on eBay late at night 10 years later because you canÂ’t get them out of your head. TheyÂ’re the cars that will forever excite you when you spot a clean one in traffic or in a parking lot.  There are plenty of recent examples over the past couple of decades that could count as instant design classics. But then we got to thinking, what 2021 models will be forever cool to stare at? Which new cars and trucks on sale today will we be shopping on eBay late at night in the 2030s? We kept supercars and other ultra-expensive cars off the list to keep things within the realm of attainability, and ended up with 12 total cars. Lexus LC WeÂ’re not applying a numerical ranking to any of the cars on this list, but if we were, the Lexus LC would be No. 1. There isnÂ’t another car design out there that can stir our emotions the way an LC can when itÂ’s just standing still. This car is a concept design come true in the most beautiful of ways, and itÂ’s a shoo-in winner for Concours events decades into the future. All of this heaping praise, and we havenÂ’t even gotten to the LC 500Â’s intoxicating 5.0-liter V8. It doesnÂ’t win drag races. It wonÂ’t be the fastest around the track against any similarly-priced competition. But none of that matters. ItÂ’s quite possibly the best car you can buy new, and that says it all when it comes to the LC. Chevrolet Corvette It might not be the stunner that the Lexus LC is, but the new C8 Corvette is and will always be a special vehicle. ItÂ’s the first mid-engine Corvette, which instantly cements it into an automotive hall of fame section of sorts. All of the performance stats and specs are there to back up its supercar-like looks, and it remains the best performance bargain on sale today.

2017 LC 500 is the future of Lexus [w/video]

The 2017 LC 500 shows where Lexus is headed. In this case it's not just a flashy grille and a big engine like earlier Lexus efforts. This time every facet of the engineering went into making the car handle better, and the styling and engineering were developed hand in hand. It won't set any sales records, but it will win a lot of eyeballs. Why is Lexus making another coupe? That's a fair question, as slow-selling two doors don't do much to improve market share. The reason for the LC is to make a statement, both in terms of style and engineering. It looks remarkably close to the 2012 LF-LC concept. And underpinning the taut styling is a new global architecture that will underpin future cars like the LS. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The LC 500 is Toyota's way of saying, yet again, that it's serious about reforming the Lexus reputation into one that include performance and style. On paper the 467-horsepower, 5.0-liter V8 (the same as in the RC F and GS F) performance claim looks like sloppy handwriting, but Lexus claims a 0-60 time of less than 4.5 seconds. Rumors abound that more power will come to the LC lineup in a few years, most likely in some kind of turbocharged form. Backing up the engine is a ten-speed transmission. Yes, ten. Lexus claims the gearbox is nearly as fast as a dual-clutch automatic, and that the overall size is smaller than some eight speed 'boxes. Underpinning the LC is an all new structure that includes carbon fiber reinforced plastic, aluminum, and high-strength steel. Torsional rigidity is said to be better than the all-carbon fiber LF A supercar. We're worried the ride could be on the stiff side, with run flat tires on both standard 20-inch wheel and the optional 21-inch wheels seen on the show car. All hope for retaining a pleasant ride lies with the suspension, which is nearly all aluminum. But as we mentioned, this car is skewed towards performance, and Michelin Pilot Super Sport tires on show car promised new levels of lateral grip for a big Lexus. What's more promising is the claim that Lexus spend triple the standard time developing the steering feel and handling. This could be the best-handling Lexus ever, but don't expect the LC 500 to be a Porsche 911 competitor. Preconceptions aside, the LC is bigger than a Carrera and that alone dictates a different character. The Lexus is closer to the Mercedes-Benz S-Class Coupe and BMW 6 Series in size.