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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.

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.

2016 Toyota Avalon gets revised equipment, sportier styling

Toyota has been known to make some sporty models. We're not sure we'd count the Avalon as one of them, but while that's not what the Japanese automaker's largest sedan is about, it has gotten a bit more aggressive – at least in the styling department – over successive generations. The current model introduced just a few years ago took things in a decidedly sportier direction, and the updated model revealed here for the 2016 model year takes it a step further. Debuting today at the Chicago Auto Show, the 2016 Toyota Avalon is an evolution of the model we already know. It features revised styling that's just a touch sportier than the model it replaces, and comes packed with updated equipment. As you can see, the reshaped lower grille gives it an incrementally more planted look, flanked by turning indicators to replace the outgoing model's foglamps. Around back are new LED taillights and a chrome bumper accent, and inside, the cabin has been retrimmed with gray accent stitching on the light gray upholstery. The new Avalon will be offered in five trim levels – XLE, XLE Plus, XLE Premium, Limited and Touring – powered by a conventional V6 engine, with Hybrid models dropping the lowest and highest of those trims. The two base models also get new 17-inch alloys, seven-inch dashboard display, new interior trim and tire pressure monitoring system. The XLE Premium gets an upgraded infotainment system with wireless charging, the Limited model gets 18-inch alloys (17 on the hybrid), automatic high beams and added safety systems, while the top-of-the-line Avalon Touring upgrades with larger 18-inch wheels and a revised front fascia as well as LED head- and daytime running lights. The revised Avalon debuts in Chicago alongside the Special Edition models of the Corolla and Camry. FIRST LOOK IN THE "SECOND CITY:" THE REFRESHED 2016 TOYOTA AVALON PREMIUM MID-SIZE SEDAN - Updated Styling - New LED Headlights and Taillights - Retuned Suspension for Enhanced Comfort - Upgraded Convenience Features - 2016 Camry and Corolla Special Editions Also Unveiled CHICAGO, Feb. 12, 2015 - - Call it a trio of firsts in the Second City as the refreshed Toyota Avalon and sporty Camry and Corolla Special Editions made their world debuts at the 2015 Chicago Auto Show. The three models rode into Chicago with a head of steam as the Avalon, Camry and Corolla are each the sales leaders in their respective segments, a first for Toyota.