MCG Executive Briefing for June 10, 2024

Kia is warning the owners of 2020-24 Telluride SUVs to park them outside due to the risk of fire. Get all the latest auto industry news in the Executive Briefing.

 

Today’s headlines:

Tesla CEO Elon Musk has reaffirmed that the EV maker will not release a refreshed version of its top-selling Model Y in 2024 as it did earlier this year with the Model 3 sedan. More at Teslarati.  

+   Japan’s two biggest banks will start divesting their strategic shareholdings in Toyota, said to be worth $8.5 billion, and will seek to sell into the automaker’s planned share buybacks. More at World Auto Forum. 

 A YouTuber known for reckless stunts was arrested in San Bernardino County for allegedly directing a scene in which fireworks were fired at a Lamborghini from a helicopter. More at The Drive. 

+   The historic Road America race circuit in Elkhard Lake, Wisconsin has signed a multi-year contract extension with IndyCar, now owned by Penske Entertainment. More at Yahoo! Sports. 

 General Motors is using retailer Costco ‘s Auto Program to expand its portfolio to mass market segments with vehicles such as the Chevrolet Equinox, the automaker said. More at CNBC. 

 An image of the upcoming 2025 BMW X3, apparently a still image from a promotional video that reveals a distinctive grille treatment, has been leaked onto the internet. More at Autoblog. 

+   Troubled EV maker Fisker now faces imminent bankruptcy following a recent 8-K filing that revealed the company failed to repay a loan of nearly $3.5 million loan last month. More at CBT News. 

+   Kia is recalling 462,869 Telluride SUVs from 2020-24 due to a risk of fire from a front power-seat electric motor, and is warning owners to park them outside in the meantime. More at Car and Driver. 

+   Michael Simcoe, global chief of design at General Motors, is hinting that Cadillac could be developing a road-legal hypercar along the lines of its V-Series.R Le Mans racer. More at Hemmings. 

 Front Row Motorsports has agreed to pay between $20 million and $25 million for one of Stewart-Haas Racing’s four NASCAR Cup charters, signaling a decline in charter value. More at Sports Business Journal. 

Review the previous MCG Executive Briefing from June 7 here. 

Join Mac’s Motor City Garage on Facebook and X (Twitter) to receive notices when every new story is published.