MCG Executive Briefing for August 1, 2014

1935 PackardHammering down for $181,500, this stylish 1935 Packard Super Eight was one of the top domestic sellers at the RM Auctions Motor City sale this past weekend. Get all the latest auto industry news in the Executive Briefing.  -RM Auctions photo    



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+   Second-quarter earnings at Fiat fell 55 percent due to poor sales in South America and rising buyer incentive costs for Chrysler in the USA. More at the Detroit Free Press. 

+   Tesla Motors has officially partnered with electronics giant Panasonic to construct a $5 billion battery gigafactory in the United States, site to be determined. More at USA Today. 

+   Retired NASCAR Sprint Cup star Mark Martin will return to Roush Fenway Racing in 2015 as a driver development coach. More at Fox Sports.

+   Despite a slip in total revenue, Volkswagen AG reported a 14.1 percent earnings gain for the second quarter of 2014, beating analysts’ estimates. More at The Detroit Bureau.  

+   Famed Ferrari Formula One engine guru Luca Marmoroni has left the team, with the department reorganizing around new chief Mattia Binotto. More at SkySports.

+   Shingo Okuda, former G.S. Electech executive, was sentenced to 13 months in prison for bid rigging on Toyota contracts for brake components. More at The Detroit News. 

+   The RM Auctions Motor City 2014 sale this past weekend produced $7.4 million in total sales with a sell-through rate of 77 percent. More at Sports Car Digest.

+   Toyota Motorsport will unveil the GT86 CS-R3 customer rally racer at the ADAC Rallye Deutschland WRC event on August 21-24. More at Car. 

For the previous Executive Briefing from July 28, click here.

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