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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.

2016 Mazda MX-5 Miata reveal to be livestreamed, feature Duran Duran

We're all hungry like the wolf to see the unveiling of the next-generation 2016 Mazda MX-5 Miata on September 3, but Mazda is seriously excited about taking the sheet of its latest droptop because it has 1980s New Wave act Duran Duran headlining the event. In case you can't make it to Monterey, CA, Tokyo or Barcelona to watch the reveal happen, the brand is also livestreaming it on YouTube starting at 6:00 PM PT (9:00 PM ET). The Miata is then showing its all-new face again during the broadcast of Fashion Rocks on CBS on September 9 at 9:00 PM ET.
Facts about the new MX-5 have remained elusive, but we saw its bare chassis at the 2014 New York show. The roadster was rumored to return to the classic oval grille from the earlier models and also shed a decent amount of weight over the current version, possibly around 300 pounds.
Don't worry about noting the big reveal in your calendars, though. Not only will Autoblog be in attendance in Monterey to hear Simon Le Bon belt out Rio, we will also publish another post linking to the livestream before the unveiling. In the meantime, scroll down to read Mazda's announcement and check out the link to the stream, which just shows a countdown at the moment.

VW Finds CO2 'Irregularites', SEMA Recap, and More | Autoblog Minute

Volkswagen's diesel emissions scandal gets a new wrinkle, US regulators hit Takata Corporation with a substantial fine, and we head to Vegas for a look at tuner paradise at the 2015 SEMA show. Autoblog Senior Editor Greg Migliore reports on this edition of Autoblog Minute Weekly Recap. Acura Chevrolet Honda Mazda Mitsubishi Toyota Autoblog Minute Videos Original Video Acura Legend