This 2013 McLaren P1, the first to be registered to a private customer, will be offered at  the annual Silverstone Auctions May sale. Get all the latest auto industry news in the Executive Briefing.

Today’s Headlines:

+   The ongoing semiconductor chip shortage is now expected to cost the global automotive industry $110 billion in revenue in 2021, according to consultants AlixPartners. More at CNBC. 

+   A study conducted by Cox Automotive found that 40 percent of new car shoppers are willing to pay 12 percent or $5000 over list price during the current vehicle shortage. More at Car and Driver.  

+   General Motors announced it will invest $40 million at its Pontiac, Michigan stamping plant in flexible manufacturing equipment for electric vehicles currently in development. More at The Detroit News. 

+   The Turkish Grand Prix has been cancelled due to COVID-19 travel restrictions there, and will be replaced on the 2021 Formula 1 schedule by a second race in Austria. More at ESPN. 

+   More than 150 Jeep enthusiasts were arrested at the annual Topless Jeep weekend in Crystal Beach, Texas for driving while intoxicated and other offenses. More at The Drive. 

+   The rebirth of the Norton motorcycle brand, now owned by TVS of India, has entered its next phase with the appointment of a new chief executive and a technical director. More at Classic Cars.com Journal. 

+   A 1980 Rolls-Royce Silver Wraith III, formerly owned by Princess Margaret of the British royal family and said to be her favorite, will be offered by H&H Auctioneers on May 26. More at Town & Country. 

+   Reversing course on an earlier promise, Aston Martin will no longer offer manual transmissions after the current Vantage is refreshed for 2022, says CEO Tobias Moers. More at Road & Track .

+   In accordance with the latest state government rulings, all attendance restrictions have been lifted for the NASCAR events at Charlotte Motor Speedway for the month of May. More at Jayski. 

+   The first McLaren P1 to be registered to a private customer will be offered at  the annual Silverstone Auctions May sale, where it could bring $1.24 million to $1.38 million. More at Sports Car Digest. 

Photo courtesy of Silverstone Auctions. 

Review the previous Executive Briefing from May 14 here.

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