The ultra-luxury Bentley brand scored the best sales in its 102-year history in the first quarter of 2021. Get all the latest auto industry news in the Executive Briefing.
Today’s Headlines:
+ General Motors reported net income of $3 billion on revenue of $32.5 billion for the first quarter of 2021, despite production halts due to the global semiconductor shortage. More at The Detroit News.
+ New car prices are skyrocketing this spring due to high consumer demand, inventories falling by 25 to 40 percent, and reduced buyer incentives from the automakers. More at Car and Driver.
+ Volkswagen is softening its stance on tough new European carbon dioxide emissions targets, betting it can meet the standards more effectively than its rivals. More at Reuters.
+ NASCAR and manufacturers Ford, Chevrolet, and Toyota rolled out their next-generation 2022 Cup racers, which feature independent rear suspension and other updates. More at USA Today.
+ As demand for electric vehicle batteries continues to rise, manufacturers are looking into natural lithium deposits in the USA, which may represent 10 percent of the global supply. More at Autoblog.
+ Volkswagen’s premium Bentley brand reported the best sales quarter of its 102-year history, largely on the strength of the Bentayga SUV, which accounted for four of 10 sales. More at The Drive.
+ Ola, an Indian competitor to Uber that makes its own electric vehicles, has hired Jaguar and Aston Martin veteran Wayne Burgess to serve as head of vehicle design. More at CNBC.
+ The Red Bull Formula 1 team has hired away five more engineers from the Mercedes team for its in-house engine development program led by Ben Hodgkinson. More at BBC Sport.
+ A recent study by Transport & Environment, a European environmental group, found that e-fuels, also called synthetic gasoline, are not greener than electric vehicles. More at CNET Roadshow.
+ A revival of historic British coachbuilder Harold Radford backed by 2009 Formula 1 world champion Jenson Button plans to build a sports car inspired by the Lotus 62. More at Motor Authority.
+ Academy Award-winning actress Hilary Swank is set to play Janet Guthrie, who in 1976 was the first woman to race in the Indianapolis 500, in a feature-length movie. More at Racer.
Image courtesy of Bentley.
Review the previous Executive Briefing from May 3 here.
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Do away with the subsidies and tax breaks for EV’s and let the market decide. Interesting the next article down on the cnet site says 18% or more EV owners went back to conventual IC gas fueled vehicles the next time they bought. EV may be the future, but it’s nowhere near ready to be the replacement for IC engines just yet….