Neil Thompson’s famed ’53 Studebaker LSR racer, which ran 271 mph at Bonneville in 1966, is headed for the auction block. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ EV maker Lucid plans to raise about $3 billion through a stock offering, nearly two-thirds of which will come from Saudi Arabia’s Public Investment Fund (PIF), its majority shareholder. More at Yahoo! Finance.
+ The United Auto Workers union has declared its objectives for upcoming contract talks: ending the tiered wage system, restoring cost-of-living adjustments, and greater job security. More at The Detroit News.
+ Stellantis dealers now have more than a two-year supply of Jeep Renegades, and high inventories of the Cherokee, Compass, Gladiator, and Chrysler Pacifica minivan as well. More at CarEdge.
+ Driver Chase Briscoe and his No. 14 Stewart-Haas Racing team received one of the largest penalties in NASCAR history in cash and points after a counterfeit floor duct was discovered. More at The Athletic.
+ Tesla CEO Elon Musk met with Chinese Vice Premier Ding Xuexiang in Beijing, a source familiar with the matter said, but the substance of their discussion was not disclosed. More at Reuters.
+ The National Highway Traffic Safety Administration (NHTSA) has proposed a rule that would make automatic emergency braking a mandatory feature on all new cars sold in the USA. More at The Drive.
+ Chris Benjamin, a vice president of interior design at Stellantis with Jeep background, has been named chief design officer for Scout, Volkswagen’s electric SUV brand. More at the Detroit Free Press.
+ Neil Thompson’s famed ’53 Studebaker Bonneville racer, which ran better than 271 mph in 1966, will be offered at the Gooding & Co. Pebble Beach auction in original racing condition. More at Hemmings.
+ Penske Entertainment, owner of the Indianapolis Motor Speedway, will buy a new car for a fan whose car was struck in the parking lot by an airborne racing tire from an Indy 500 crash. More at Fox Sports.
+ Shares of Advance Auto Parts took their greatest dive on record after the North Carolina-based retailer’s first-quarter earnings significantly missed Wall Street’s expectations.More at CNBC.
Photo courtesy of Gooding & Company.
Review the previous MCG Executive Briefing from May 29 here.
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