This stylish 1941 Packard One Eighty Convertible Victoria by Darrin is expected to bring $375,000 to $425,000 at the Auctions America Auburn Spring Sale. Get all the latest auto industry news in the Executive Briefing.

Today’s headlines:

+   Ford Motor Co.’s profits fell 35 percent during the first quarter to $1.6 billion, which the automaker attributed to increased investment in trucks and SUVs and recall costs. More at The Detroit News. 

+   Ferrari is rumored to be working on a track-day variant of the 488 GTB with 700-plus horsepower, lightweight body and interior components, and GTO badging. More at Motor Trend. 

+   Fiat Chrysler Automobiles reported a profit of $698.2 million in the first quarter, a 34 percent gain driven primarily by profits in Europe and gains by its Maserati brand. More at the Detroit Free Press. 

+   Drivers rumored as potential replacements at Hendrick Motorsports for Dale Earnhardt Jr., who retires at the end of 2017, include Alex Bowman, William Byron, and Brad Kesolowski. More at ESPN.

+   Tesla executive Klaus Grohmann was ousted last month after a clash with Chief Executive Elon Musk over strategy in Grohmann’s division, according to insiders. More at Reuters. 

+   Around one in seven Americans say they are likely to purchase an electric vehicle as their next car, according to a new study, which equates to 30 million sales in the next three to five years. More at Autoblog.

+   Renault’s revenue surged by 25 percent to $14.27 billion in the first quarter of 2017, fueled by the consolidation of Lada sales and a 16 percent jump in vehicle deliveries. More at Automotive News Europe. 

+   A 1941 Packard One Eighty Convertible Victoria by Darrin, one of only 35 produced that year, will be among the headliners at the Auctions America Auburn Spring Sale. More at Hemmings Daily. 

+   Formula 1’s Strategy Group and F1 Commission have opted for the Shield canopy-style driver protection system and has eliminated the engine-cover shark fin for the 2018 season. More at Racer. 

+   Daimler AG reported that its first-quarter net profit doubled to $3.1 billion over a year ago, aided by a strong surge in sales of its Mercedes-Benz luxury vehicles. More at The Motley Fool. 

Review the previous Executive Briefing from April 24 here.

Photo by Ryan Merrill courtesy of Auctions America. 

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