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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.

Toyota RAV4 EV lease gets cut in half to $299/month

If you're in the market for a new electric vehicle, now is definitely the time to buy or lease. Following price drops on just about every other EV on the market, Toyota is looking to push a few more all-electric RAV4 crossovers out the door over the Labor Day weekend. The Detroit News is reporting that, through September 3, anyone looking to get into a RAV4 EV in Los Angeles or San Francisco, can get a deal: a $299 a month lease (no word on down payment, though) or zero-percent financing for 60 months for buyers.
The $49,800 RAV4 EV normally leases for twice as much - $599 a month - so this move could be an attempt to sell more of the 2,600 units Toyota has planned to produce. Or maybe, if you thought $599 was a fair price, you can now get two RAV4 Evs. Although temporary, the price drop comes at a time when many other EVs on the market have had their prices reduced, including the Nissan Leaf, Chevy Volt, Smart Fortwo ED and Honda Fit EV, not to mention already low prices for the Fiat 500e and Chevy Spark EV.
*Note: 2012 RAV4 EV pictured here

Refreshed 2013 Toyota Landcruiser Prado gets official [w/video]

We'd seen leaked images of the the refreshed 2013 Toyota Land Cruiser Prado, now Toyota has deemed it officially ready for the European masses it is aimed at. We can only hope the masses are ready for that grille, probably the most intense of the many changes made to the volcano-eating truck. The new face and its "powerfully projecting vertical bars" were designed to "accentuate the new Toyota's rugged appearance," as if the legendarily capable SUV wasn't rugged enough. Other changes include redesigned headlight clusters, stronger character lines along the sides, new taillights and license plate "garnish" in back, and a slew of new wheel choices. Both the three- and five-door are 20 millimeters longer, all of that in the front overhang, but the approach angle apparently hasn't changed.
The new organization of trims runs from Entry to Legend, Prestige and Executive. The interior has been reorganized with better seats in the second and third rows, a new upper center console, a redesigned panel for controlling on- and off-road driving functions, reworked Optitron meters with a 4.2-inch LCD screen, and new switchgear, fabrics and color schemes. Infotainment has been upgraded with Toyota Touch 2 and Toyota Touch 2 with Go. They mirror your smartphone if said phone happens to be either a Samsung Galaxy S3 or Galaxy Note 2.
On-road driving dynamics have been improve with suspension changes, and a Rear Cross Traffic Alert added to the suite of safety features for maneuvering the beast. When it comes to the Land Cruiser's real reason for being, the five Multi-terrain Select choices and five-step Crawl Control are more easily used with a Multi-terrain Monitor reworked for more clarity.