This 1930 Cadillac V16 Sport Phaeton was among the top sellers at the RM Sotheby’s Arizona sale, bringing $1.105 million. Get all the latest auto industry news in the Executive Briefing.

Today’s Headlines:

+   Fiat Chrysler and Hon Hai, the parent of iPhone assembler Foxconn, are planning a joint venture to build electric cars and develop internet-connected vehicles. More at Automotive News Europe. 

+   Volkswagen seeks to acquire a 20 percent stake in Guoxuan High-Tech as part of a technology sharing partnership with the Chinese maker of electric vehicle batteries. More at Reuters. 

+   The price of palladium, a precious metal used in catalytic converters, has spiked in recent months due to greater automotive industry demand, especially in China. More at The Drive. 

+   NASCAR is currently testing a six-speed sequential gearbox in its 2021 next-gen race car, which also features 18-inch wheels and independent rear suspension. More at Autoblog. 

+   Toyota announced it has spent $700 million and hired 150 new workers at its Princeton, Indiana assembly plant, mainly to increase production of its Highlander SUV. More at The Detroit News. 

+   Insiders say the new 2021 Ford Bronco will most probably make its debut at the new and improved North American International Auto Show (NAIAS) in Detroit in June. More at Autoweek. 

+   The first production 2020 C8 Corvette with VIN 001 sold for $3 million at the Barrett-Jackson Scottsdale auction, with all proceeds donated to the Detroit Children’s Fund. More at CNET Roadshow. 

+   The National Highway Traffic Safety Administration (NHTSA) is looking into a possible defect on 500,000 Tesla vehicles involving sudden unintended acceleration. More at Motor Trend. 

+   The RM Sotheby’s auction at the Arizona Biltmore Resort & Spa generated $29.6 million in total sales,  led by a 2018 Pagani Huayra Roadster that brought $2.37 million. More at Hemmings Daily. 

+   Officials in Saudi Arabia have unveiled detailed plans for the new Qiddiyah circuit  near the capital of Riyadh, which is set to host Formula 1 events starting in 2023. More at BBC Sport. 

Review the previous Executive Briefing from January 17 here.

Photo by  Patrick Ernzen courtesy and copyright of RM Sotheby’s. 

Have you joined Mac’s Motor City Garage on Facebook? It’s lots of fun with rare photos, lore, trivia, and great discussions. Click here to go the page and join MCG. Be sure to check out our companion Facebook group MOTOROLOGY, too, and our latest page, Friends of Mac’s Motor City Garage.