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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.

Driving the Toyota Supra, Honda Passport and BMW 3 Series | Autoblog Podcast #582

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Green Editor John Beltz Snyder and West Coast Editor James Riswick. First, they talk about the cars they've been driving, including the Honda Passport, BMW 330i and Audi RS5. They follow up with notes about driving the Toyota Supra and 86, and whether Toyota's new sports car strategy makes sense. Then they discuss the news, including the Ferrari SF90 Stradale plug-in hybrid, a possible Renault-FCA merger, death rumors for the Jaguar XJ and thoughts on the upcoming Chevy Trailblazer. Autoblog Podcast #582 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving: 2019 Honda Passport 2019 BMW 330i 2019 Audi RS5 Sportback Toyota Supra, 86 and the company's sports car strategy In the news: Ferrari SF90 Stradale FCA and Renault Jaguar XJ going away? Chevy Trailblazer Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

Carlos Ghosn, a year after arrest, still seeks trial date and access to evidence

TOKYO — A year after his arrest, Nissan ex-Chairman Carlos Ghosn remains stuck in Tokyo under stringent bail conditions and without a trial date as he seeks access to a trove of Nissan emails and other evidence to fight charges of financial misconduct. His lawyers have asked a court to grant access to 6,000 pieces of evidence collected from Nissan such as electronic communications, which they say is crucial for a fair trial, showed an Oct. 4 court filing seen by Reuters. The once-feted executive has spent 129 days in detention since his arrest shortly after his private jet touched down at a Tokyo airport on Nov. 19, 2018. He faces four charges — which he denies — including hiding income and enriching himself through payments to dealerships in the Middle East. Nissan sacked Ghosn, saying its internal investigations revealed misconduct ranging from understating his salary while he was its chief executive, and transferring $5 million of Nissan funds to an account in which he had an interest. An earlier court ruling allowed prosecutors to hand back evidence to Nissan during pretrial wrangling over witnesses and evidence similar to the U. S. discovery process. If prosecutors are "given the freedom to unilaterally delete the collected evidence and return it to relevant parties, this is equivalent to granting the investigative agencies the right to destroy evidence," showed the filing to the Tokyo District Court. The lawyers also asked the court to rescind the earlier ruling, saying some evidence could be erased by Nissan to protect confidential business information. They argued the "ruling deprives Mr. Ghosn of his right to receive a fair public trial by an impartial court," as it enabled prosecutors to view and use the evidence and withhold it from the defense. Prosecutors are not required to hand over all evidence they or the police gather during investigations unless ordered by the court, unlike in the U.S. discovery process where prosecutors and defense lawyers disclose the evidence they intend to present in court. A spokeswoman for the Tokyo prosecutors' office said the office could not comment on individual cases. A Nissan spokeswoman declined to comment. Ghosn's lawyers have also asked the court to dismiss all charges against him, accusing prosecutors of colluding with government officials and Nissan executives to oust him to block any takeover of the automaker by French alliance partner Renault SA, of which Ghosn was also chairman.