This Michigan-built 1908 Rainier Model D was among the top sellers at the Bonhams Golden Age auction in London, bringing $227,735. Get all the latest auto industry news in the Executive Briefing.

Today’s Headlines:

+  EV maker Rivian reached a market value of more than $100 billion two days after its initial public offering, exceeding the market cap of all US automakers except Tesla. More at The Detroit News. 

+   Ford has shared the first official photos of the Bronco Raptor high-performance off-roader, showing off its aggressive stance, 37-inch tires, and other adventure vehicle details. More at Car and Driver. 

+   General Motors Defense plans to build a military variant of the Hummer EV with its chassis, motors, and and Ultium batteries modified to U.S. armed forces specifications. More at TechCrunch. 

+   Newly minted NASCAR Cup champion Kyle Larson says he is open to the possibility of testing a Formula 1 car at the Abu Dhabi Grand Prix, which he plans to attend. More at Motorsport.com. 

+   With vehicle inventories currently at roughly one third of their usual levels, automakers and dealers are on track to spend far less on advertising this holiday season. More at Reuters. 

+   Short on operating funds, troubled electric truck startup Lordstown Motors has again delayed the launch of its Endurance pickup, now until the third quarter of 2022. More at The Verge. 

+   Citing the ongoing global semiconductor shortage as the bottleneck, Stellantis is planning to lay off 400 workers at its Jeep Cherokee SUV plant in Belvidere, Illinois. More at the Detroit Free Press. 

+   The Bonhams Golden Age of Motoring sale in London, held just before the annual London-to-Brighton run, reported $2.47 million in sales and an 88 percent sell-through rate. More at ClassicCars.com Journal.  

+   The Ferrari Special Projects division has unveiled another one-of-one sports car for a special client, a two-seat coupe based on the GTC4 Lusso designated the BR20. More at Motor Authority. 

+  Corvette Racing is developing a customer version of the C8 Corvette Z06 GT3.R for use in IMSA, WEC, and other venues for GT3 cars, though no price has been announced. More at Road & Track. 

Photo courtesy and copyright of Bonhams. 

Review the previous Executive Briefing from November 8 here.