Smokey Yunick’s ’68 Camaro racer will be sold at no reserve at the Bonhams|Cars Quail Auction. Get all the latest automotive news in the Executive Briefing.
Today’s Headlines:
+ Toyota welcomed the announcement of a new trade deal between the USA and Japan, applauding the inclusion of the automotive sector and calling for further tariff reductions. More at CBT News.
+ Ford, GM, and Stellantis are taking issue with the pending Japan-U.S trade deal that drops tariffs on Japan to 15 percent while tariffs on Canada and Mexico remain at 25 percent. More at World Auto Forum.
+ New car sales in Europe fell more than 5 percent to 1.2 million in June, the European Automobile Manufacturers Association (ACEA) reported, with Tesla hit hardest. More at Yahoo! Finance.
+ In his first public comments, Max Verstappen downplayed suggestions that Christian Horner’s exit as Red Bull team principal will influence his commitment to the Formula 1 team. More at Motorsport.com.
+ General Motors reported a year-over-year dip in second-quarter earnings, attributing the drop to import tariffs and cautioning that it expects the impact from the levies to grow. More at The Detroit News.
+ Hyundai reported a 16 percent decline in operating profits for the second quarter and warned of an even greater impact in the current period due to U.S. import tariffs. More at U.S. News & World Report.
+ More rental car companies are joining Hertz in adopting car damage scanners enabled by artificial intelligence, which customers assert do not operate accurately. More at The Drive.
+ In a shareholders’ call, Tesla CEO Elon Musk confirmed that the much-anticipated low-priced Tesla is actually the current Model Y with reduced content and a cheaper interior. More at Electrek.
+ A selection of vehicles from the the Vic Edelbrock Jr. collection, including the Smokey Yunick Camaro, will be sold at no reserve at the Bonhams|Cars Quail auction on Aug. 15. More at Old Cars.
+ Arrow-McLaren is planning an expansion and renovation of its newly acquired Indianapolis race shop. the former Andretti Global facility that already covers 66,000 square feet. More at Racer.
Photo courtesy of Bonhams.
Review the previous MCG Executive Briefing from July 21 here.
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The tariff situatin is a mess, and it’s going to get worse before it gets better. No one knows what they will be a week or a month from now.
Hopefully the tariffs will give Ford & GM (sorry Stellantis, you’re not American anymore) a chance to regain market share. But we need the bean counters, designers and workers to step up their game (looking at you Ford) so they can justify the effort.
Foreign cars are not any better than American, but the perception is there so we have to be extraordinary. We want more colors inside and out, more options and fewer packages, more switches and fewer touchscreens, and fewer trucks would be nice. Be different than the competition. We’re only giving you one more chance and can’t hold off the Chinese forever.