Rivian will delay production of its 400-mile long-range electric trucks until 2023 to focus on the 314-mile standard-range versions. Get all the latest auto industry news in the Executive Briefing.

Today’s Headlines:

+   Ford’s surging share price, which has doubled this year, has given it a market value greater than its Detroit rival General Motors for the first time in more than five years. More at The Detroit News. 

+   Hyundai is shutting down development of internal combustion engines at its Namyang Research Institute to devote the manpower and resources to electric vehicles. More at Motor Trend. 

+   Chinese authorities will allow full foreign ownership of passenger car manufacturing operations in the country beginning Jan. 1, 2022, making good on a pledge made in 2020. More at CNBC. 

+   Former NASCAR Cup driver Kasey Kahne will campaign the entire World of Outlaws sprint car schedule next season, driving for his own team alongside teammate Brad Sweet. More at Jayski. 

+   The National Highway Traffic Safety Administration (NHTSA) has stepped up its probe into engine fires that have plagued Hyundai and Kia vehicles for the past six years. More at Reuters. 

+   Reports from the Stellantis Saltillo Engine Plant in Ramos Arizpe, Mexico indicate that the hemi inline 6 slated to replace the current Hemi V8 is now ready for production. More at Autoblog. 

+   The Buick division of General Motors has has filed trademark applications in the USA and Canada for the Electra name, formerly used by Buick from 1959 to 1990.  Motor Authority. 

+   Rivian will delay production of its R1T pickups and R1S SUVs with the 400-mile Max battery pack until 2023 to concentrate on the standard-range 314-mile versions. More at Car and Driver. 

+   Tesla will voluntarily recall more 475,000 Model 3 and Model S vehicles to correct a misplaced wiring harness for the rearview camera (Model 3) and a front trunk latch issue (Model S). More at The Verge. 

+   Ferrari Formula 1 principal Mattia Binotto says the two team drivers, Charles Leclerc of Monaco and Carlos Sainz Jrr. of Spain, will have equal status in the 2022 campaign. More at Autosport. 

Photo courtesy of Rivian. 

Review the previous Executive Briefing from December 27 here.