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Inside this issue
Forecast: July U.S. LV Sales Fall Behind Year-Ago
U.S. May Revise 2021 Fuel Efficiency Standards, Freeze Targets
Lower Tax Rate Fuels Ford Beat, Seen Lifting Full-Year Profit
Daimler Earnings Rise 15% as Cartel Allegations Cloud Sales Gains
Hyundai Motor's Profit Halved to Lowest Level Since 2010
U.K. to Ban Sale of Diesel, Gasoline Vehicles by 2040
Top Stories
Forecast: July U.S. LV Sales Fall Behind Year-Ago

A WardsAuto forecast calls for U.S. light-vehicle sales to reach a 16.9 million-unit seasonally adjusted annual rate in July, following June’s 16.4 million SAAR and resulting in a 5-month streak of sub-17 million figures. July’s SAAR would be significantly lower than the 17.8 million recorded in same-month 2016. The report is calling for 1.42 million light vehicles to be delivered over 25 selling days in July. 
Source: WardsAuto

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U.S. May Revise 2021 Fuel Efficiency Standards, Freeze Targets

The U.S. Transportation Department said on Tuesday it may revise auto fuel efficiency requirements starting with the 2021 model year, a year earlier than previously disclosed, and could adopt lower standards through 2025. U.S. regulators said they are preparing a new environmental impact statement and could decide to freeze 2021 standards through 2025, rather than raising them every year.

Under current rules, fleetwide average fuel economy is expected to be around 41 miles per gallon in 2021, compared to an average of nearly 50 miles per gallon in 2025. The agency also said it is considering giving automakers additional flexibility for prior model years to meet requirements.
Source: Reuters

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Lower Tax Rate Fuels Ford Beat, Seen Lifting Full-Year Profit

Ford Motor Co on Wednesday reported a better-than-expected quarterly net profit due to a lower tax rate and increased U.S. sales of more-profitable pickup trucks, but forecast a slightly lower 2017 pre-tax profit and its shares dipped 1.2 percent in premarket trading.

The No. 2 U.S. automaker leaned heavily on consumer discounts during the quarter and the value of its unsold vehicles rose. Ford also warned that its full-year automotive operating margin and cash flow would be lower than in 2016. It said, however, that the reduced tax rate would boost its full-year net profit.
Source: Reuters

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Daimler Earnings Rise 15% as Cartel Allegations Cloud Sales Gains
Daimler, reeling from allegations of decades-long collusion with other German automakers, reported a 15 percent rise in second-quarter profit as its Mercedes-Benz luxury brand delivered another double-digit boost to revenue.
 
The Mercedes-Benz Cars division, which also includes the Smart small car brand, posted a 70 percent surge in second-quarter EBIT, while profit fell 13 percent at the Daimler Trucks business, the company’s second-biggest earnings contributor, and 11 percent at the vans operation.
 
Booming sales of the new Mercedes cars helped to lift margins in the autos business to 10.2 percent from 6.4 percent in the year-earlier period, mainly thanks to sales of a new E class.
Source: Automotive New Europe

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Hyundai Motor's Profit Halved to Lowest Level Since 2010
Hyundai Motor said Wednesday its quarterly profit was halved to its lowest level since 2010 as its auto sales in China and the U.S. plunged as the South Korean automaker paid dearly for lagging in its SUV lineup.
 
Net income for the April-June period was 816.9 billion won ($728.8 million), down 51 percent from 1.7 trillion won ($1.5 billion) a year earlier, Hyundai Motor said.
 
The result was worse than expected. Analysts had predicted a net profit of 1.4 trillion won ($1.2 billion), according to FactSet, a financial data provider. It was also the smallest profit for Hyundai Motor since it began reporting quarterly results under new standards in 2010.
Source: AP

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U.K. to Ban Sale of Diesel, Gasoline Vehicles by 2040
The internal combustion engine was dealt another blow on Wednesday when the U.K. pledged to ban the sale of new gasoline and diesel cars by 2040, following a similar move three weeks ago by France.
 
While far from a knockout, the decisions by the U.K. and France—which together account for about a third of new cars sold in the European Union—are among the most aggressive moves by governments recently to legislate away the traditional gasoline- or diesel-burning engine, which has for more than 100 years been the preferred method of powering passenger vehicles.
Source: WSJ

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Quotable
"
Volkswagen broke the rules and will pay a huge price, along with others that adapted similar devices. It is better to eliminate models that do not meet emission standards than try to defeat them [bureaucrats]. There is nothing worse than a bureaucrat scorned.
"

    -- Keith Crain, Editor-in-Chief of Automotive News, July 24
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