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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.

Toyota announces new, more efficient powertrains for 60 percent of its vehicles by 2021

In the face of increasingly strict standards on fuel economy and CO2 emissions, Toyota announced today that it's introducing a new hybrid system, a new 2.5-liter direct-injection inline four-cylinder engine, and two new transmissions – an eight- and a 10-speed. The development of all of these components will be based around the Toyota New Global Architecture, or TNGA. Development of the systems has moved forward and the new powertrains will find their way into vehicles starting next year. TNGA, like Mazda's Skyactiv technology, is a complete design philosophy that focuses on more than just a clean or efficient engine. The first vehicle to deploy the TNGA platform was the current, fourth-generation Prius. With TNGA, Toyota focused on improving handling, ride, and braking performance. The new powertrains are meant to compliment this new platform by being both engaging to drive and fuel efficient. Since TNGA can be adapted for front-, rear-, or all-wheel-drive layouts, it's capable of underpinning a number of potential products. Toyota is arguably the leader in hybrid technology, and taking lessons learned in the development of the current Prius, the automaker has developed the new Toyota Hybrid System II, or THS-II, for rear-wheel-drive applications. Performance has improved versus the outgoing model, and Toyota says efficiency, especially at high speeds, has been improved. In addition, the system's use in plug-in vehicles has been improved. For the first time, the electric motor will be able to provide direct driving power, whereas before it simply acted as a generator. The new, naturally aspirated 2.5-liter four-cylinder, like the THS-II, has been designed around the TNGA platform. Most notably, the thermal efficiency of the engine has been improved. This means a higher output and improved exhaust and cooling. The new engine, which works in both traditional and hybrid applications, will proliferate through the Toyota and Lexus lineup. Toyota's two new automatic transmissions, like the new engines, are based on the TNGA system. That means a lighter and more compact design relative to similar transmissions. The 10-speed is intended for rear-wheel-drive Lexus products like the GS and LS. The tuning has been adjusted to improve response and smooth out shifts, though it's impossible to say how much it's been improved without getting behind the wheel.

How many Toyotas are potentially affected by seat fabric problem?

When we reported yesterday on Toyota's stop-sale order of certain 2013 and 2014 models due to an issue with the fabrics on models with heated seats not conforming to flammability regulations, one of our many questions was how many vehicles were affected? More importantly, how many of those cars have already found homes?
Kelley Blue Book has the troubling statistics. Every 2013 and 2014 Avalon features heated seats. 6.2-percent of 2013 and 4.5-percent of 2014 Camry sedans, meanwhile, were sold with heated seats. That doesn't seem as bad as 100-percent of the larger Avalon, until you consider the Camry's huge volume - the 5.6-percent average still accounts for a lot of cars. Sienna minivans are heavily affected as well, with a total of 37-percent of 2013s and 46-percent of 2014s fitted with butt warmers. The stop-sale only affects 7-percent of 2014 Corolla models, but like the Camry, that number is rather misleading due to the sheer volume of cars Toyota moves. You can see the entire breakdown of percentages by clicking on the inset image.
According to Karl Brauer, a senior analyst for KBB, this problem comes at the worst possible time. "Given that much of the US is currently in the grips of a record cold snap, there's sure to be high demand for models with seat heaters," Brauer notes. The stop-sale order is a good first step, but it doesn't do anything to inform consumers who currently own the affected models and may, in these frosty temperatures, want to use their seat heaters. "Should owners of those vehicles stop using the seat heaters?" Brauer asked.