Porsche confirmed that the current Cayenne with gasoline V8 power will live on through 2030 alongside the EV versions. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ Ford’s share price fell more than 13 percent to a near six-month low after the automaker missed second-quarter profit estimates, struggling with quality issues and EV competition. More at Reuters.
+ General Motors posted a 37 percent gain in its adjusted pretax income to $4.4 billion for the second quarter, which it attributed to strong sales of gasoline pickups and SUVs. More at the Detroit Free Press.
+ Stellantis reports that its net profit fell by 48 percent in the first half of 2024 compared to the same period last year due to lower vehicle sales and product mix adjustments. More at The Detroit News.
+ Driver Corey LaJoie, who has struggled this year and currently sits 28th in the NASCAR Cup Series standings, will not return to the Spire Motorsports No. 7 car next season. More at Fox Sports.
+ Auto production in Thailand fell 20 percent n June from a year earlier due to tighter financing and high consumer debt, with annual volume now expected to be less than in 2023. More at World Auto Forum
+ General Motors’ Cruise autonomous driving unit is dropping its purpose-built Origin robotaxis in favor of production Chevy Bolts equipped with steering wheels and pedals. More at Autoweek.
+ A New York criminal court sentenced the parents of a teenage driver for vehicular crimes their then-16-year-old allegedly committed in 2023 that resulted in a fatality. More at The Drive.
+ Tesla CEO Elon Musk posted an informal poll on social media asking if the electric automaker should invest $5 billion in his new artificial intelligence startup called xAI. More at CNBC.com
+ Porsche confirmed that the current third-generation Cayenne SUV with gasoline V8 power will be continued alongside the upcoming electric fourth-generation model through 2030. More at Car and Driver.
+ As predicted, French driver Estaban Ocan will part ways with Alpine at the end of the season and join Haas Formula 1 in 2025, to be reunited with Haas team principal Ayao Komatsu. More at Motorsport.com.
Photo courtesy of Porsche.
Review the previous MCG Executive Briefing from July 22 here.
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Whatever Elon wants, Elon gets. I’m glad that he recognizes that his cars (and Cybertrucks) are already perfect (ask the man who owns one) and don’t need the additional investment themselves.
To be fair, AI could be very useful to Tesla in its machine learning programs.
It looks like a slowdown is shaping up in the new car markets
Yes, partly in response to them trying to cram EV’s down our throats. Look at Stellantis, they killed their best selling ICE vehicles, what did they expect? Ford is losing billions of dollars on it’s EV program, only GM seems to be making any profit, and there’s doubts about that.
EV’s will come in time, there is room in the market for them and ICE, but ONLY IF the market wants them. If not, they will go away like poodle skirts and pompadour haircuts!