This 1979 Porsche 935 driven by Paul Newman in the 24 Hours of Le Mans will be among the stars at the 2016 Gooding Pebble Beach auction, where it could bring $4.5 million to $5.5 million. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ Volkswagen will pay an additional $86 million in penalties to California over its emissions scandal, on top of a settlement of $14.7 billion the automaker reached with U.S. officials last week. More at Reuters.
+ Mainly due to strong demand for SUVs, retail sales of passenger vehicles in China rose faster than expected in the first half of 2016, increasing 9.5 percent to 10.8 million vehicles. More at Bloomberg.com.
+ Toyota Motor Thailand reported that it plans to lay off up to 900 of its 16,477 workers at three manufacturing facilities due to declining sales volume. More at The Detroit News.
+ Veteran race car importer and sports car and Indy team owner Carl Haas passed away on June 29 at age 86 due to complications of Alzheimer’s disease, it was reported Thursday. More at ESPN.
+ Shanghai-based Yanfeng Automotive Interiors, a supplier to BMW, will invest $71 million in its Lauren County, South Carolina facility, potentially creating 35 new jobs. More at Automotive Business Review.
+ Bentley is exploring the possibility of offering a low-volume sedan based on the Mulsanne convertible that would be positioned above it in the model line. More at Automotive News Europe.
+ The IndyCar Series has stepped in to refund $925,000 in ticket sales to customers of the Boston Grand Prix LLC, which filed for bankruptcy protection. More at the Boston Herald.
+ A rare selection of racing and limited production Porsches will be among the headline offerings at the 2016 Gooding Pebble Beach auction on August 20-21. More at Sports Car Digest.
+ A new report from the American Automobile Association has determined that some retail gasoline brands with insufficient detergent levels can increase emissions, fuel consumption, and service costs. More at Autoblog.
+ Former funny car owner-driver Chuck Etchells, a 15-time NHRA national event winner and the first funny car driver to break into the four-second bracket, has passed away at 61. More at NBC Sports.
Review the previous Executive Briefing from July 4 here.
Photo courtesy of Gooding & Company.
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Gasoline detergent packages are super critical on late model cars to prevent coking and other issues. If you have any doubts, get a list of approved fuels from your OE. Fuel system cleaner once in a while won’t hurt either.