Ford is recalling 870,000 F-150 pickups to repair a wiring defect that could cause the  parking brake to actuate without warning. Get all the latest auto industry news in the Executive Briefing.

Today’s headlines:

+   The U.S. Federal Reserve determined that the loan rejection rate for new vehicle purchases has risen to a record 14.2 percent, signaling a tightening of the loan market. More at Car and Driver. 

 +   Senior Tesla executives are in high-level talks with officials from India’s investment promotion arm in New Delhi regarding the electric carmaker building an assembly plant  there. More at Reuters. 

+   Eight people have been indicted in St. Louis on charges that allege they stole at least 19 rental cars worth more than $1 million across the Midwest as part of an identity fraud scheme. More at Autoblog.

+  Alpine team principal Otmar Szafnauer and sporting director Alan Permane will leave the struggling Formula 1 operation, with Bruno Famin taking Snazfnauer’s post in the interim. More at BBC Sport. 

+   Francois Castaing, who engineered the Dodge Viper sports car, overhauled the Jeep product line, and helped to lead Chrysler through the 1990s, has passed away at 78. More at Autoweek. 

+   The backup safety driver at the wheel of a self-driving Uber test vehicle that struck and killed a woman in Arizona in 2018 was sentenced to probation, prosecutors said. More at World Auto Forum. 

+   Ford is recalling more than 870,000 F-150 pickups from the 2021 through 2023 model years to correct a wiring defect that could cause the parking brake to engage without warning. More at The Detroit News. 

+   A unique 1954 Chevrolet Corvette styling prototype for an unreleased facelift is headed to auction at Gooding & Company’s Monterey Car Week sale on Aug. 18-19. More at ClassicCars.com Journal. 

+   Autonomous driving technology company Waymo announced it plans to “push back the timeline” and slow its efforts to introduce self-driving vehicles in the trucking industry. More at Commercial Carrier Journal. 

+   Retired IndyCar star Paul Tracy has been suspended from the SRX all-star racing series following a series of rough driving episodes, most recently with Joseph Newgarden. More at Speed Sport. 

Photo courtesy of Ford. 

Review the previous MCG Executive Briefing from July 28 here. 

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