At $159,500, this 1967 Mustang Shelby GT500 was one of the top 10 sellers at the the Russo and Steele Newport Beach 2016 auction. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ General Motors plans to invest $290 million in its Bowling Green, Kentucky Corvette plant, including technology upgrades on the vehicle assembly line. More at West Kentucky Star.com.
+ The United Auto Workers and Detroit auto supplier Sakthi Automotive Group USA have reached a tentative labor agreement for around 200 workers, narrowly averting a strike. More at The Detroit News.
+ Volkswagen should offer European drivers similar compensation to what the carmaker is expected to pay U.S. customers, says EU Industry Commissioner Elzbieta Bienkowska. More at Reuters.
+ The Chinese government is considering the removal of its 50 percent ownership limit for foreign automakers partnered with local companies in joint ventures. More at Bloomberg.com.
+ Toyota Motor Sales U.S.A. and the Northern California Toyota Dealers have signed a multi-year agreement to continue as co-title sponsor of the annual NASCAR Sprint Cup race at Sonoma Raceway. More at National Speed Sport News.
+ Canton Township, Michigan-based Yazaki North America, supplier of automotive electrical components, has named Robert Kunihiro as its new chief financial officer. More at Crain’s Detroit Business.
+ At the Goodwood Festival of Speed in England, Mercedes-Benz unveiled the 2018 Mercedes-AMG GT R, boasting a 577-hp turbocharged V8 and a top speed of 198 mph. More at The Verge.
+ Utility company NRG has sold its EVgo charging network to Vision Ridge Partners, a Colorado-based investment firm specializing in sustainable energy. More at Autoblog.
+ Maxion Wheels has opened a new light vehicle aluminum wheel plant in Limeira, São Paulo, Brazil, where it plans to produce two million wheels per year by 2020. More at Automotive Business Review.
+ The Russo and Steele Newport Beach 2016 auction on June 10-12 in Newport Beach, California generated $6.4 million in total sales and a 57 percent sell-through rate. More at Sports Car Digest.
+ Mike Manley, head of Fiat Chrysler Automobiles’ Jeep and Ram brands, says a mid-size pickup might be in the works, possibly based on a unit-construction platform. More at Motor Trend.
+ Ferrari junior driver Charles Leclerc will make his Formula 1 race weekend debut with the Ferrari-affiliated Haas team in free practice for the British Grand Prix on July 8. More at Eurosport.
Review the previous Executive Briefing from June 24 here.
Photo courtesy of Russo and Steele.
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