Toyota is recalling 102,000 Tundra pickups and Lexus SUVs to correct machining debris inside the engines that can damage the bearings. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ Top proxy advisory firm ISS is recommending that Tesla shareholders vote against ratifying CEO Elon Musk’s $56 billion pay package, calling the compensation “excessive.” More at CNBC.
+ Organizers announced that the annual Geneva International Motor Show, which has been in operation since 1905, will end due to dwindling interest and adverse market conditions. More at Reuters.
+ Stellantis CEO Carlos Tavares says that suppliers to the automakers will be under “a big, big burden” to reduce prices as the industry pivots to electric vehicle production. More at The Detroit News.
+ Days after his second consecutive Indy 500 victory, driver Josef Newgarden signed a contract extension that will keep him in his Penske Racing seat through 2025 and beyond. More at NBC Sports.
+ With the BMW Z4 ending production next year, Toyota has not yet announced the fate of the current fifth-generation Supra sports car, which is based on the BMW package. More at Autoblog.
+ Ford has filed an application with the U.S. Patent and Trademark Office for a novel battery-swapping system for electric vehicles that employs multiple battery modules. More at Motor Authority.
+ United Auto Workers president Shawn Fain will now also oversee the union’s Stellantis Department, taking over the responsibilty from vice president Rich Boyer. More at CBT News.
+ Toyota is recalling 102,000 Tundra pickups and Lexus LX600 SUVs to correct machining debris that can cause main bearing failure inside their V35A V6 twin-turbo engines. More at The Drive.
+ French automaker Renault and its Chinese partner Geely announced a highly anticipated joint venture to develop more efficient internal-combustion and hybrid engines. More at World Auto Forum.
+ NASCAR has yet to announce if it will issue a waiver for driver Kyle Larson for playoffs eligibility following his attempt to race in both the Indy 500 and World 600 on the same day. More at Jayski.
Photo courtesy of Toyota.
Review the previous MCG Executive Briefing from May 31 here.
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