Rivian has removed the lowest-priced models from its R1T pickup and R1S SUV lineups. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ New vehicle retailers are facing an affordability squeeze among consumers as prices have jumped more than $11,000 since 2019 and buyers are taking out longer-term loans. More at CBT News.
+ Analysts at consulting firm Bain & Company predict that annual auto sales in the U.S. could shrink by two million cars by 2040 from the 2016 peak of 17.6 million cars. More at CNBC.
+ In the 2026 Cars.com American Made Index, Hondas and Toyotas took six of the top 10 spots, leaving only two Teslas and two Jeeps in the rankings of domestic content. More at The Drive.
+ Aided by a World Cup football lead-in, the IndyCar race at Road America drew more than 1.8 million TV viewers, the second-largest audience outside the Indy 500 since 2011. More at Racer.
+ Ferrari marketing chief Enrico Galliera has quit after 16 years at the company, weeks after a backlash over the launch of the supercar maker’s first-ever electric car, the Luce. More at BBC News.
+ Volkswagen is weighing up to 100,000 job cuts—around 15 percent of its global workforce—and the closure of four German plants, including EV hubs in Zwickau and Emden. More at MSN.
+ Honda CEO Toshihiro Mibe won support for reappointment to the board at its annual meeting after apologizing to shareholders for the company’s poor financial performance. More at World Auto Forum.
+ Startup electric truck maker Telo confirmed it plans to deliver trucks by the end of the year with pricing at $41,520 for the single-motor RWD and $46,019 for the dual-motor AWD. More at Autoweek.
+ With the arrival of the lower-priced R2, Rivian has removed the least expensive models from its R1T pickup and R1S SUV lines, leaving the Large Pack as the standard battery. More at Car and Driver.
+ Denny Hamlin, co-owner of 23XI Racing, said NASCAR has kept all its promises in their out-of-court antitrust settlement and their relationship is now stronger than ever. More at Yahoo! Sports.
Photo courtesy of Rivian.
Review the previous MCG Executive Briefing from June 26 here.
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So Mibe apologized for Honda’s first annual loss in ~70 years, eh?
“Honda Motor Chief Executive Toshihiro Mibe secured support for his reappointment to the Japanese automaker’s board at its annual meeting on Friday after apologising to shareholders for the company’s poor financial performance… a shareholder filing proposed a motion that called for Mibe’s dismissal, but the chief executive declined to put it to a vote, saying the issue was not on the agenda and the proposal could therefore not be considered.”
Honda’s annual meeting does indeed look like “winning investor backing,” but only because the structure of the meeting made any other outcome impossible.
The automtive culture of simulated accountability. Oversight illusions exist, but substance and safety optional, consult your local dealer for availabilty…