This 1966 Shelby Mustang GT350, owned by the original buyer for 56 years, sold for nearly $400,000 at the Mecum Indy auction. Get all the latest auto industry news in the Executive Briefing.

Today’s Headlines: 

+   General Motors sold out of the new 2023 Cadillac Lyriq all-electric two-row SUV, the first all-electric Cadillac, in around four hours on the morning of the introduction. More at the Detroit Free Press. 

+   Hyundai Motor Group has pledged to invest an additional $5 billion in the United States by 2025 to strengthen its collaboration with U.S. firms in advanced technology. More at Reuters. 

+   Preliminary figures from the National Highway Traffic Safety Administration (NHTSA) show that there were 42,915 traffic fatalities in the USA in 2021, the highest in 16 years. More at Car and Driver. 

+   Formula 1 officials labelled the Spanish Grand Prix’s crowd management issues “not acceptable” and have urged the local promoter to address the problem for next year. More at Motorsport.com. 

+   Argo AI, a Pittsburgh-based robotaxi startup that has the backing of Ford and Volkswagen AG, announced that it will conduct driverless test rides in Miami and Austin. More at The Deroit News. 

+   A German court has placed a nationwide sales and production ban on Ford cars with onboard internet capabilities as part of a lawsuit over wireless technology patents. More at U.S. News and World Report. 

+   The state of California has launched a pilot program to allow a front license plate decal instead of a conventional and cumbersome license plate and mounting bracket. More at Autoblog. 

+   A 1966 Shelby Mustang G350 with a single owner since and new and showing only 29,000 miles on the odometer sold for $396,000 at the annual Mecum Indy auction. More at The Drive. 

+   Scott Dixon scored his fifth Indy 500 pole position for Ganassi Racing and recorded the fastest qualifying average in history at 234.06 mph to lead next Sunday’s Indianapolis 500. More at IndyStar. 

+   General Motors has pulled out of the 2022 SEMA trade show in Las Vegas, joining Ford and Hyundai on the sidelines of the high performance industry’s premier event. More at Autoweek. 

+   Dave McClelland, the beloved. voice of the NHRA through the ’70s, ’80s and ’90s, both on television and at the racetrack, has passed away at the age of 85. More at NHRA. 

Photo copyright and courtesy of Bonhams. 

Review the previous Executive Briefing from May 20 here.