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Mixed sales results, but automaker stocks rise on need for cars in Houston

DETROIT — The Big Three Detroit automakers on Friday reported better-than-expected August sales and issued optimistic outlooks for demand as residents of the Houston area replace flood-damaged cars and trucks after Hurricane Harvey, sending their stocks higher. General Motors, Ford and Fiat Chrysler posted mixed August U.S. sales, with GM up 7.5 percent and Ford and Fiat Chrysler down. Japanese automaker Toyota improved sales by nearly 7 percent, while Honda fell 2.4 percent. Still, analysts focused on the potential for Detroit automakers to cut inventories and stabilize used vehicle prices as residents of Houston, the fourth largest city in the United States, are forced to replace tens of thousands, perhaps hundreds of thousands, of vehicles after the devastation from Hurricane Harvey. Mark LaNeve, Ford's U.S. sales chief, told analysts on Friday that following Hurricane Katrina in 2005 "we saw a very dramatic snapback" in demand. That said, Ford sales fell 2.1 percent in August. It sold 209,897 vehicles in the United States, compared with 214,482 a year earlier. Sales were down 1.9 percent in the Ford division and off 5.8 percent at Lincoln. Demand was down for cars, crossovers and SUVs. It was not clear how many vehicles in the Houston area will be scrapped, LaNeve said, saying he had seen estimates ranging from 200,000 to 400,000 to 1 million. Ford's Houston dealers may have lost fewer than 5,000 vehicles in inventory, he said. Ford is the No. 1 automaker in the Houston market, with 18 percent share, according to IHS Markit. The company plans to ship used vehicles to Houston dealers and has "every indication we would have to add some production" of new vehicles to meet demand, LaNeve said. Investor concerns about inventories of unsold vehicles and falling used car prices have weighed on Detroit automakers' shares most of this year. Now, automakers can anticipate a jolt of demand from a big market that is a stronghold for Detroit brand trucks and SUVs. "It's got to be a positive for the industry," LaNeve said. Investors appeared to agree. GM shares rose as much as 3.3 percent to their highest since early March. Ford increased 2.8 percent at $11.34, and Fiat Chrysler's U.S.-traded shares were up 5.2 percent $15.91, hitting their highest in more than five years. GM reported a 7.5 percent increase in U.S. auto sales in August, helped by robust sales of crossovers across its four brands.

NHTSA upgrades Ford floor mat unintended acceleration probe

According to a Bloomberg report, the National Highway Traffic Safety Administration has upgraded an investigation into complaints of unintended acceleration lodged against Ford vehicles. The investigation began in June of 2010 when just three complaints had been received and it only concerned the Ford Fusion and Mercury Milan, but this was at a time when the phrase "unintended acceleration" made grown men go pale. With 49 additional complaints received since then, the investigation has been reclassified as an engineering analysis - the last phase before a recall - and it has been expanded to include the Lincoln MKZ, making for a total of "around 480,000" units affected between the three sedans from the 2008 to 2010 model years.
The ostensible cause is that floor mats are trapping the accelerator pedal, but according to a Ford statement at the time, the entrapment is due to owners placing the optional all-weather floor mats, or aftermarket floor mats, on top of the car's standard floor mats. NHTSA has backed up that assessment, pinning the blame on "unsecured or double stacked floor mats."
On the face of it, it would appear that NHTSA has upgraded the status not because of Ford's error, but owner error, and Ford has stated publicly that it is "disappointed" in NHTSA's move. On top of NHTSA still being skittish after that other unintended acceleration debacle, it could be seen to be taking its time investigating all of the variables: it's reported that Ford changed its accelerator pedal design in 2010, a "heel blocker" in the floorpan has been considered a potential culprit in how the floor mats could be trapping the pedal, some drivers have said the floor mats weren't anywhere near the pedal, and according to a report in the LA Times, in "a letter sent by Ford to NHTSA in August 2010, the automaker said it found three injuries and one fatality that 'may have resulted from the alleged defect.'"

Junkyard Gem: 1979 Lincoln Continental Town Car

Ford built Continentals from the 1940 through 2020 model years (with a couple of pauses during that period), and the biggest and arguably most extreme Continentals of all were the 1977-1979 models. That's what we've got for today's Junkyard Gem: a 1979 Continental Town Car with Cream paint outside and plenty of Light Gold Jubilee velour inside, found in a self-service boneyard in Sparks, Nevada. Thanks to the big 5 mph crash bumpers, the overall length of the 1977-1979 Continental sedan stretched to an astounding 233 inches. That's more than a foot longer than the 2024 Lincoln Navigator, though the Navigator scales in at more than a half-ton heavier than the '79 Continental sedan. For the 1980 model year, the Continental went onto the Panther platform and shed 10 inches of wheelbase, more than 13 inches of length and 500 pounds of curb weight. Considering the geopolitical events of 1979 and their effect on fuel prices, this turned out to be good timing … but the downsized '80 Continental didn't look as imposing (or as white-powder-dusted) when it pulled up to the valet parking stand at the disco. When your sedan weighs 4,649 pounds, you want serious power under its hood Â… and that was a rare commodity among 1979 automobiles sold in the United States. This is a 400-cubic-inch (6.6-liter) pushrod V8, essentially a stroked 351 Cleveland, rated at 159 horsepower and 315 pound-feet. That means that each of this car's horses had to drag 29.2 pounds, a ratio that's quite a bit worse than that of the much-maligned-for-slowness 2024 Mitsubishi Mirage (though the respectable torque made driving these cars tolerable enough in most situations). The interior was all about cushy seats and space to stretch out. The silver-faced gauges were very classy. Opera lights? You bet! This would have been an excellent, if thirsty, long-distance highway cruiser for its day. There were some 1999 coupons inside, suggesting that the car had been parked for a quarter-century before coming to this place. The high-elevation desert sun is murder on vinyl roofs. On January 10, 1981, people associated with this fine luxury automobile played golf at Willow Glen in San Diego. On the same day, Richard Boone died and Jared Kushner was born. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. A standard by which luxury cars are judged.