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U.S. auto sales fall in July, as Detroit dials back on inventory, rental sales

DETROIT — U.S. carmakers said on Tuesday they continued to slash low-margin sales to daily rental fleets in July as General Motors, Ford and Fiat Chrysler Automobiles struggled to curb a slide in retail sales. July is on track to be the fifth straight month in which the annual pace of car and light truck sales declined from the same month a year ago, in part because of fewer fleet sales, analysts and industry executives said. July 2016 sales hit a strong 17.9-million-vehicle pace. GM said the seasonally adjusted annual sales rate fell to an estimated 16.9 million vehicles in July. At midmorning on Tuesday, GM shares were down 3.4 percent at $34.77, Ford was down 2.8 percent at $10.91, and Fiat Chrysler shares were down 0.3 percent at $12.05 in New York. GM sales dropped 15 percent from a year ago to 226,107 vehicles, as the company cut rental fleet sales more than 80 percent. The automaker said inventories of unsold vehicles at month's end were 104 days, down from 105 days at the end of June. GM has promised investors to reduce inventories to 70 days by year-end. Ford said its July sales dipped 7.5 percent to 200,212 vehicles, as it cut fleet sales more than 26 percent. Inventories fell to 77 days from 79 the previous month. Fiat Chrysler said sales dropped 10 percent to 161,477, as it also cut back sales to daily rental fleets. Among the top Japanese companies, only Toyota reported a year-to-year gain, with sales up 4 percent to 222,057 — just 4,000 units behind GM. Honda sales were down 1 percent to 150,980 — its first-quarter sales continuing to decline in North America but seeing a big increase in China. And Nissan sales fell 3 percent to 128,295. GM, Ford and Fiat Chrysler have cautioned that second-half financial results likely will be lower than first-half results, in part reflecting production cuts in North America and pricing pressures. The automakers this year have been deliberately dialing back sales to rental-car companies, which often generate little to no profit, while struggling to keep retail sales from sagging further, according to industry analysts. Industry consultant LMC cut its full-year forecast for new vehicle sales to 17 million vehicles. Automakers sold a record 17.55 million vehicles in the United States in 2016.

Mitsubishi and Nissan teaming up on electric kei car

Nissan and Mitsubishi have announced plans to build an electric kei car together. The yet-unnamed car would mark a major step towards electrification of Japan's popular supercompact segment. The car will be powered by a 20 kWh battery and will be engineered to cover daily driving duties in a Japanese driving cycle. The car can also double as a mobile power source or power a home in emergency situations. Nissan says the car will measure 134 inches long, 58 inches wide, and 65 inches tall, in order to comply with laws limiting kei car size. The companies state that the car will be developed by NMKV Co., Ltd., a joint-venture that stands for Nissan Mitsubishi Kei Vehicle. Each carmaker owns a 50 percent stake, and already jointly builds models such as the feline favorite Nissan Dayz, which Mitsubishi sells as the eK. In reality, that likely means Mitsubishi will be developing the car and Nissan will simply slap a badge on it. Nissan has not traditionally built kei cars, choosing instead to rebadge those made by Suzuki or Mitsubishi. In fact, Mitsubishi built the first electric kei car, the i-Miev, way back in 2009, and it was actually sold in the U.S. until 2017. The jellybean-shaped EV was a pioneer in the field, but its 62-mile range from a 16 kWh lithium-ion battery showed the limitations of the technology at the time. Mitsubishi moved about 32,000 of them before they pulled the plug, with a pre-tax-credit price ranging from $23,000 to $31,000. The new Nissan-Mitsubishi kei car will land at around 2 million yen, or $18,200. The price, while slightly more expensive than a gasoline counterpart, bucks predictions from analysts that said prices would skyrocket by 66 to 120 percent if kei cars were forced to electrify. A petrol-powered Nissan Dayz starts at around $15,200. Size-wise, the two share a similar footprint as they are governed by kei car size limits. The special class of cars get unique license plates and other registration cost benefits due to their compact dimensions. A BMW i3 would exceed those boundaries due to its 158-inch length and 70-inch width. However, the larger EV comes equipped with a substantially bigger 42.2 kWh battery good for 152 miles of range. Though no photos have been released, we predict it will look like the iMk concept (pictured above). The car will go on sale in spring 2022. Related Video This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2016 Nissan Maxima First Drive [w/video]

Nissan has called the fullsize Maxima sedan a four-door sports car since 1988, with the debut of the third-generation model. What little truth existed in that moniker has slowly ebbed away in the ensuing years, with recent iterations only incrementally more sporting than the rest of the big-car segment. That doesn't change for 2016, despite Nissan's continued use of the "4DSC" trademark. But while the new Maxima may be less four-door sports car, it's much more full-on luxury car. That fact is best reflected in the eighth-generation Maxima's handsome new cabin. Particularly on the SR and Platinum trims that we drove, the interior is easily the best in its class. We are impressed by the cabin's soft, handsomely stitched leather, genuine Italian-made Alcantara suede, matte wood, and "liquid" metal trim. The seat inserts on our tester features quilted stitching that looks far more suited to Nissan's premium Infiniti brand, while the threads found on the dash and doors look like they're really there to hold things together – a rarity nowadays. While we question the use of the 4DSC moniker, the layout of the cabin is in line with the Maxima's marketing pitch. The center stack is angled seven degrees towards the driver. Along with the high transmission tunnel, this contributes to the cockpit-like feel of the driver's seat. A fat-rimmed, flat-bottomed steering wheel – a first for Nissan – is amply padded, and on the sporty SR, can be had with contrasting Alcantara accents. The small diameter and SR-specific paddles extend the sports car promise. The sculpted, broad-shouldered exterior has the muscle of Nissan's real sports cars, the GT-R and 370Z, but it exceeds both of those in terms of outright attractiveness. Nissan's stylists call the design language "Energetic Flow," but we simply prefer to call the overall look, which borrows heavily from the Sports Sedan Concept, very pretty. If the 2016 Maxima fails to add zest to a staid segment from behind the wheel, at least it brings a serious dose of style to the large sedan clubhouse. Nissan claims class-leading specifics for the latest version of the VQ35 V6, reinforcing the 4DSC promise. There are 86 horsepower per liter, with 300 ponies in total from the 3.5-liter engine. Sixty-one percent of the parts in the latest-generation VQ35 V6 are new, contributing to the 10-hp bump over last year's sedan. The horsepower peaks high in the rev range, at 6,400 rpm, a mere 200 revs below redline.