MCG Executive Briefing for May 19, 2017

At $220,000, this pristine and original 1968 Shelby GT500 KR was among the top 10 sellers at the Auctions America Auburn Spring Sale. Get all the latest auto industry news in the Executive Briefing. 

 

 

Today’s headlines:

+   General Motors announced it will stop marketing vehicles in India and will sell its South Africa business to Isuzu as the automaker continues to pull back its global footprint. More at The Detroit News. 

+   Facing pressure from Wall Street due to the company’s flat share price, Ford Motor will eliminate around 1,400 employees, a reduction of nearly 10 percent of the salaried work force. More at USA Today. 

+   The U.S. Justice Department plans to file a civil lawsuit against Fiat Chrysler Automobiles NV over excess diesel emissions if no voluntary agreement is reached soon. More at CNBC.

+   Texas Open-wheel star Jim McElreath, who started in 15 Indianapolis 500s between 1962 and 1982 and won the inaugural California 500, has passed away at 89. More at Racer. 

+   Shelby American has unveiled a new  2017 Super Snake wide-body concept, which was designed and built in-house at the company’s Las Vegas facility. More at Motor Trend. 

+   Logistics specialist Global Automotive Alliance opened a new 75,000 square-foot facility in a former FedEx distribution center on Clark Street in Southwest Detroit. More at the Detroit Free Press. 

+   Former MotoGP world champion Nicky Hayden remains in intensive care in an Italian hospital after suffering critical injuries in a bicycling accident. More at the UK Guardian.

+   Four automakers—Toyota, BMW, Mazda, and Subaru—agreed to a $553 million settlement to address claims for nearly 16 million vehicles with defective Takata airbag inflators. More at Autoblog. 

+   Top 10 sellers at the annual Auctions America Auburn Spring Sale included a highly original, never-restored 1968 Shelby GT500 KR that went for $220,000. More at Hemmings Daily. 

+   Formula 1 boss Chase Carey says he doesn’t wish to negotiate a replacement Concorde agreement, preferring a more open-ended pact with member teams. More at Motorsport.com.  

+   In a regulatory filing, Hyundai Motor Co. denied a media report that the Korean automaker is seeking to introduce a holding company structure. More at Reuters. 

Review the previous Executive Briefing from May 15 here.  

Photo courtesy of Auctions America. 

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2 thoughts on “MCG Executive Briefing for May 19, 2017

  1. This is a huge blunder for Ford just when they were on a strong upswing. Cutting payroll just to boost the stock price is never responsible.

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