Kia is warning the owners of 2020-24 Telluride SUVs to park them outside due to the risk of fire. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ Tesla CEO Elon Musk has reaffirmed that the EV maker will not release a refreshed version of its top-selling Model Y in 2024 as it did earlier this year with the Model 3 sedan. More at Teslarati.
+ Japan’s two biggest banks will start divesting their strategic shareholdings in Toyota, said to be worth $8.5 billion, and will seek to sell into the automaker’s planned share buybacks. More at World Auto Forum.
+ A YouTuber known for reckless stunts was arrested in San Bernardino County for allegedly directing a scene in which fireworks were fired at a Lamborghini from a helicopter. More at The Drive.
+ The historic Road America race circuit in Elkhard Lake, Wisconsin has signed a multi-year contract extension with IndyCar, now owned by Penske Entertainment. More at Yahoo! Sports.
+ General Motors is using retailer Costco ‘s Auto Program to expand its portfolio to mass market segments with vehicles such as the Chevrolet Equinox, the automaker said. More at CNBC.
+ An image of the upcoming 2025 BMW X3, apparently a still image from a promotional video that reveals a distinctive grille treatment, has been leaked onto the internet. More at Autoblog.
+ Troubled EV maker Fisker now faces imminent bankruptcy following a recent 8-K filing that revealed the company failed to repay a loan of nearly $3.5 million loan last month. More at CBT News.
+ Kia is recalling 462,869 Telluride SUVs from 2020-24 due to a risk of fire from a front power-seat electric motor, and is warning owners to park them outside in the meantime. More at Car and Driver.
+ Michael Simcoe, global chief of design at General Motors, is hinting that Cadillac could be developing a road-legal hypercar along the lines of its V-Series.R Le Mans racer. More at Hemmings.
+ Front Row Motorsports has agreed to pay between $20 million and $25 million for one of Stewart-Haas Racing’s four NASCAR Cup charters, signaling a decline in charter value. More at Sports Business Journal.
Review the previous MCG Executive Briefing from June 7 here.
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