The Morgan Plus Four is returning to the U.S. market after a 20-year vacation. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ Nissan announced it will cut 9,000 jobs from its global workforce, reduce production 20 percent, and slash its sales budget as part of its “urgent measures” to stem big losses. More at the Guardian.
+ The U.S. Department of Energy has finalized a $475 million loan for Li-Cycle Holdings LICY.N to build a battery processing and recycling facility in Rochester, New York. More at XM.com.
+ General Motors is ending production of the gasoline-powered Cadillac XT4 small SUV at its Fairfax, Kansas assembly plant in January 2025, the automaker confirmed. More at The Detroit News.
+ NASCAR suspended nine crew members and issued $600,000 in fines to teams and drivers for their role in manipulating the finish of last weekend’s Cup race at Martinsville. More at NBC Sports.
+ Stellantis announced it is laying off around 1,100 employees at its Jeep Gladiator plant in Toledo, Ohio, as it works to improve efficiency and reduce vehicle inventories. More at World Auto Forum.
+ Electric truck maker Rivian Automotive has lowered its earning guidance after missing the revenue estimates of Wall Street anaylists for the third quarter by $113 million. More at CNBC.
+ The Bonhams|Cars Golden Age of Motoring auction recorded $1.2 million in total sales and a 92 percent sell-through rate, led by a 1904 Darracq 12hp Side Entrance Tonneau. More at Old Cars.
+ Honda has unveiled what it calls the first V-3 engine with forced induction, using an electric compressor to boost low-speed torque and designed for large-displacement motorcycles. More at Car and Driver.
+ At 20, Brazilian Gabriel Bortoleto has been signed to drive for the Audi-owned Sauber Formula 1 team next year, where he will be paired with veteran Nico Hulkenberg. More at BBC Sport.
+ After a 20-year haitus, the Morgan Plus Four will return to the U.S. market in 2025 with a new chassis and drivetrain and power supplied by a turbocharged BMW four. More at The Drive.
Photo courtesy of Morgan Motor Company.
Review the previous MCG Executive Briefing from November 4 here.
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Corporate team orders to manipulate the finishing order in nascar is blatant cheating, and a form of points shaving which is illegal under Federal Law. All drivers involved should be parked for a year and the time used to wean them of video game driving habits…
The race manipulation doesn’t elevate the sport or entertain the audience. It doesn’t promote the carmakers’ products or sell one more car. To me, it’s driven by the egos of the factory executives.
Big bucks in NASCAR… money corrupts, big money corrupts absolutely.
One of the great myths of auto history is that Morgan used a wooden frame. I suggest a story on all the common myths that persist to this day.