This 1962 Ferrari 250 GT 2+2 was among the top sellers at Artcurial’s Automobiles sur les Champs auction. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ Stellantis reported that reduced shipments and lower pricing power slashed revenue by 27 percent in the third quarter as it seeks to correct bloated inventories and weakening sales. More at Reuters.
+ Volkswagen plans to close “at least” three factories in Germany, lay off tens of thousands of staff, and downsize remaining plants in the country, employees were informed. More at CNN.
+ According to a study by Edmunds.com, the price difference between new and used vehicles in the USA rose to $20,365 in the third quarter, the greatest spread on record. More at the Detroit Free Press.
+ A U.S District Court Judge has denied a motion from NASCAR teams Front Row Motorsports and 23XI Racing for expedited discovery in their antitrust suit against NASCAR. More at Sports Illustrated.
+ Ford plans to halt production of the F-150 Lightning electric pickup at the Dearborn Rouge plant from November 18 to January 6 to reduce excess inventories and narrow losses. More at CNBC.
+ The National Automobile Dealers Association and state dealer groups are gearing up to challenge Scout Motors’ decision to bypass dealers and sell electric vehicles directly to consumers. More at CBT News.
+ Angry customers of 1Way Diesel Performance, owned by Motor Trend TV personality Chase Wells, have launched a campaign aimed at putting it out of business. More at The Drive.
+ Artcurial’s Automobiles sur les Champs auction in Paris, which included 28 classic motorcycles, reported total sales of $4.86 million and an 85 percent sell-through rate. More at Old Cars.
+ Tesla CEO Elon Musk is predicting sales growth of 20 to 30 percent in 2025, a claim met with skepticism by Wall Street analysts expecting an increase roughly half that size. More at World Auto Forum.
+ With his agressive driving now under scrutiny, Max Verstappen faces accusations from fellow champion Lewis Hamilton that he’s been driving dangerously since 2021. More at the Guardian.
Photo courtesy of Artcurial.
Review the previous MCG Executive Briefing from October 28 here.
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National Automobile Dealers Association and state dealer groups can take a long walk off a short pier. They do not have the sympathy of the nation’s consumers.
Good point.
Totally agree, but unfortunately both have a very powerful lobby.