Mercedes-Benz plans to cut most of the coupes and wagons from its lineup as it reduces its models from 33 to 14. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ Ford Motor Co. posted a $2 billion net loss for 2022 on $158.1 billion in revenue, while crosstown rival General Motors reported $9.9 billion in net income for the year. More at The Detroit News.
+ France’s Renault and its Japanese partner Nissan will formally unveil the agreement to reshape their alliance on Feb. 6 in London, the two car makers jointly announced. More at Reuters.
+ The list of best-selling used vehicles in the USA mirrors the new vehicle list, with the Ford F-150, Chevrolet Silverado, Ram 1500, Chevy Equinox, and Honda Civic atop the ranking. More at Autoblog.
+ Ford and the Red Bull Formula 1 team are reportedly set to announce a deal in which the U.S. automaker supplies engines to the team beginning with the 2026 season. More at BBC Sport.
+ The owner of a $250,000 Ferrari Roma watched helplessly as the car tumbled own an elevator shaft at a Ferrari dealer in Palm Beach, Florida, but there were no injuries. More at The Drive.
+ Progressive and State Farm will no longer issue insurance policies for select Hyundai and Kia vehicles due to a rise in thefts among the vehicles, the insurers confirmed. More at USA Today.
+ Mercedes-Benz plans to eliminate most of the coupes, wagons, and convertibles from its lineup as it reduces its models from 33 to 14 to improve the company’s profitability. More at Car and Driver.
+ General Motors CEO Mary Barra says the automaker has no plans to follow Tesla and Ford in cutting prices on electric vehicles, asserting that GM’s EVs are already priced right. More at Autoweek.
+ The European Automobile Manufacturers Association (ACEA) predicts that new vehicle sales in Europs should start to recover in 2021, projecting a total of 9.8 million. More at World Auto Forum.
+ NASCAR announced that it will not permit drivers to run against the wall to gain speed as Ross Chastain did last year at Martinsville, but it will use existing rules to enforce the ban. More at NBC Sports.
Photo courtesy of Mercedes-Benz.
Review the previous MCG Executive Briefing from January 30 here.
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