This unique 1988 Porsche 959 from the Peter Klutt collection could bring up to $1.5 million at the Gooding & Company Pebble Beach auction in August. Get all the latest auto industry news in the Executive Briefing. 

Today’s headlines:

+   Ford is embarking on a 10-year, $1 billion plan to modernize its research and development center in Dearborn, Michigan. More at Crain’s Detroit Business. 

+   The former CEO of Fiat Chrysler Automobiles’ Australian operation is accused of misappropriating more than $23 million in company funds. More at Motor Trend. 

+   Recent floods in Texas have resulted in major water damage to 10,000 cars and trucks, the National Insurance Crime Bureau reports. More at Insurance Journal. 

+   Chinese consumers are deferring new car purchases to participate in the current boom in the Chinese stock market, which has doubled in the past year. More at Bloomberg.

+   Formula 1 teams have rejected a proposal by the sport’s Strategy Group to reintroduce refueling during pit stops, asserting it will reduce overtaking. More at BBC Sport. 

+   The National Highway Traffic Safety Administration has identified errors in its handling of the General Motors ignition switch recall and has pledged to make significant reforms. More at The Detroit News. 

+   Hyundai Motor is planning to revamp its sedan-heavy product lineup in the U.S. with larger SUV models based on the Genesis passenger-car platform. More at Reuters. 

+   Cars from the Peter Klutt collection, to be offered without reserve, will headline the Gooding & Company Pebble Beach sale August 15-16. More at Sports Car Digest. 

+   Government investigators have launched a probe of 20,000 Jeep Grand Cherokee SUVs from model year 2014 to investigate an unintended braking problem. More at Autoblog.

+   Nelson Piquet Jr., driving for the NEXTEV TCR team, extended his Formula E points lead with a dominating victory at the inaugural Moscow ePrix. More at Fox Sports.

Gooding & Company photo by Brian Henninger.

Read the previous Executive Briefing from June 5 here. 

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