Lucid Motors is cutting prices for the Air luxury electric sedan by up to $12,000 in an effort to keep up with Tesla. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ In response to demands from United Auto Workers negotiators, General Motors says it is willing to raise worker wages, but pushed back on cost-of-living adjustments and other points. More at the Detroit Free Press.
+ Shares in electric truck maker Nikola lost more than a quarter of their value last week as the company named its fourth CEO in as many years and repeated its warning about its ability to continue. More at Reuters.
+ Daimler Truck chief financial officer Jochen Goetz, 52, a 30-year veteran, has died in a “tragic incident,” the company announced, but officials provided no further information. More at MarketWatch.
+ Formula 1 team officials and series owner Liberty Media are still at odds with the FIA governing body over the admission of an 11th team, with a decision expected next month. More at Motorsport.com.
+ Formerly scheduled for demolition, Wild Horse Pass Motorsports Park in Chandler, Arizona has agreed to a partnership with Radford Racing School to keep the facility in opperation. More at Hemmings.
+ Silverstone Auctions celebrated the top-grossing classic motorcycle sale in its history at Shuttleworth Aerodrome in Bedfordshire, UK, ringing up £1million in sales ($1.275 million). More at Old Cars.
+ Lucid Motors is cutting prices of its luxury Air electric sedans by $5,000 to $12,000 to better compete with Tesla, with the Air Pure base model reduced from $87,400 to $82,400. More at Autoblog.
+ After 21 years in the full-size truck market in North America, Nissan has decided to discontinue the Titan pickup in 2024 and reallocate the production capacity elsewhere. More at The Drive.
+ At its Product Vision Day 2023 media event, Fisker unveiled four new EV concept vehicles: the compact Pear, Ronin convertible, Alaska pickup, and Force A off-road vehicle. More at InsideEVs.
+ After considering retirement, Martin Truex Jr., current driver for Joe Gibbs Racing and 2017 NASCAR Cup Champion, has confirmed that he will return to the seat in 2024. More at Fox Sports.
Photo courtesy of Lucid Motors.
Review the previous MCG Executive Briefing from August 4 here.
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Keep it up UAW. You’re going to do the same thing to the auto makers that the Teamsters did to Yellow Transportation.
The workers are entitled to go for more money just like everyone else. When you buy a car, do you pay the least they will take or the most they will take? The UAW didn’t drive the automakers into the ground. Management did, lining their pockets with bonuses every step of the way.
I no longer buy new vehicles. I learned my lesson 38 years ago. Haven’t bought anything new since then. Somebody else can take the hit on new, I buy used, 10 year old vehicles for pennies of their new cost, drive them 4-5 years, then buy another one.
Poor management and the unions are both to blame for high prices. But the unions sheltering workers who won’t work, work slowly, or won’t even show up half the time and can’t be fired, and stood in the way of companies modernizing their systems have hurt as much as management with excessive salaries and bonuses. High prices and Governmental interference have driven the automakers into the ground.
Agreed. Both are to blame. The unions fail to realize that the company is going to get their 25% or 30%, no matter what. Like any other top of the food chain manufacturer or supplier, they set the initial price. Their costs get passed on to the consumer. In this case though, the auto workers are the only ones getting the wages to afford their own product.
It’s cutting off their nose to spite their face. There aren’t enough of them to support their own industry. I certainly can’t participate by buying a new vehicle.
The only good thing, though too late, is that auto makers are going back to build to order. Not building the car until they know it’s sold. Building cars then forcing them on to their dealers, just to sit because of price or forced on options that were built in, certainly hadn’t worked.