The rights to the famed Cord automobile name, which last changed hands for $242,000 in 2014, are once again for sale. Get all the latest auto industry news in the Executive Briefing.
Today’s Headlines:
+ Tesla founder and CEO Elon Musk told employees he will review all company expenses as part of a cost-cutting initiative to reach a break-even point in 10 months. More at CNBC.
+ German car maker BMW has assured Hungarian government authorities that despite falling demand, a new assembly plant in Debrecen is going ahead as planned. More at Reuters.
+ Eight employment centers will be established around the city of Detroit to assist job seekers applying for nearly 5,000 positions at the new Fiat Chrysler Automobiles plant. More at The Detroit News.
+ Officials of Speedway Motorsports Inc. have revealed their long-awaited $60 million renovation plan to return NASCAR racing to Nashville’s historic Fairgrounds Speedway. More at NBC Sports.
+ Following three straight years of sales growth, Dietmar Exler, 51, is expected to step down as chief executive of Mercedes-Benz USA, sources have disclosed. More at Automotive News Europe.
+ Jaguar Land Rover CEO Ralf Speth denied that he is in talks to sell the company, currently owned by Tata, to PSA Group, maker of Peugeot, Citroën and Vauxhall. More at the UK Guardian.
+ In response to a troubled and delayed rollout and disappointing sales, Acura is discounting the price of its high-end NSX hybrid sports car $20,000 to $139,300. More at The Drive.
+ The rights to use the Cord name are again for sale as Texas businessman Craig Corbell, who obtained the rights in 2014, is unable to execute his plans. More at Hemmings Daily.
+ Observers speculate that the production version of the Hyundai Genesis Essentia sports car could be powered by a Rimac-developed 1,900-hp electric drivetrain. More at Motor Trend.
+ Drivers expressed concern that the Zandvoort circuit where Formula 1 will return next year for the Dutch Grand Prix is challenging but offers few passing opportunities. More at Motorsport.com.
Review the previous Executive Briefing from May 13 here.
Photo by Bill McGuire for Mac’s Motor City Garage.
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