This very original 1936 Chevrolet pickup sold for Can$118,000 at auction, blowing past its pre-sale estimates. Get all the latest auto industry news in the Executive Briefing.

Today’s headlines:

+   Volkswagen is investing up to $5 billion in EV maker Rivian that will include funding for the joint development of new software-based vehicle platforms to be used by both brands. More at Car and Driver. 

+   According to data compiled by J.D. Power, new car prices are falling as the average transaction price (ATP) fell 3 percent in June over the same month last year to $44,857. More at Autoblog. 

+   Chinese automakers are expected to expand rapidly outside China to achieve 33 percent of the global automotive market share by 2030, according to consulting firm AlixPartners. More at CNBC.

+   Drag racing legend John Force has been transfered to a neurological intensive care unit following his violent funny car explosion and crash at the Virginia Nationals last weekend. More at Yahoo! Sports. 

+   General Motors’ Cruise self-driving unit has hired Marc Whitten, a former Amazon executive and founding engineer at Xbox, as the next CEO as it tries to get back on track. More at The Detroit News. 

+   Ford will set up a dedicated “skunkworks” facility in Long Beach, California, headed by former Tesla engineer Alan Clarke, for the development of a low-priced electric vehicle. More at CBT News.

+   Sales of Zeekr electric vehicles have shot up in Russia in the past year, putting Chinese carmakers ahead of local competition in its small but rapidly expanding EV market. More at Reuters. 

+   The American Petroleum Institute filed a lawsuit challenging the U.S. Environmental Protection Agency’s heavy-duty vehicle emissions standards for 2027-2032. More at Commercial Carrier Journal. 

+   A 1936 Chevrolet pickup with original paint, upholstery, and tires and only 17,056 miles sold for Can$118,000 at the Miller & Miller Automobilia, Petroliana & Advertising auction. More at Old Cars. 

+   Honda has confirmed that former series champions Meyer Shank Racing will return to its Acura program for the 2025 IMSA SportsCar Championship after a one-year layoff. More at Motorsport.com. 

Photo courtesy of Miller & Miller Auctions. 

Review the previous MCG Executive Briefing from June 24 here.

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