This 1956 Ferrari 290 MM will be among the headliners at the RM Sotheby’s Petersen Museum auction in Los Angeles, where it is expected to bring up to $26 million. Get all the latest auto industry news in the Executive Briefing.
Today’s Headlines:
+ Investment bank Morgan Stanley lowered its price target for Ford Motor shares from $14 to $10, expressing dissatisfaction with the company’s $11 billion restructuring plan. More at The Detroit News.
+ Fiat Chrysler Automobiles has agreed to sell its Magneti Marelli electronics division to Japanese parts maker Calsonic Kansei in a deal valued at $7.14 billion. More at Reuters.
+ Bugatti will reportedly bring an even more extreme version of the Chiron hypercar to next year’s Geneva Motor Show with more power and production capped at 20 to 40 units. More at The Drive.
+ In the NASCAR Monster Cup race at Kansas City, the final eight drivers for the season title were seeded with all four Stewart-Haas entries still in contention. More at USA Today.
+ Shares in Daimler AG fell to a five-year low when the company issued its second profit warning in four months, citing costs related to meeting diesel emissions regulations. More at Bloomberg.com.
+ Ford is teasing what could be the next-gen 2020 Mustang hybrid in a one-minute video starring actor Bryan Cranston, the automaker’s latest spokesman. More at Motor Trend.
+ The E-tron, Audi’s first electric SUV, will arrive in showrooms four weeks later than planned due to a software development delay, the brand reported. More at Automotive News Europe.
+ McLaren confirmed it has another new sports car under development, this one focused on track performance rather than road manners and code-named BC-03. More at Road & Track.
+ Volkswagen is adjusting the pricing and options structure for the 2019 Atlas crossover, reducing the number of models for both four and six-cylinder versions. More at Autoblog.
+ A 1956 Ferrari 290 MM driven by Fangio, Phil Hill, and other greats will be among the headliners at the RM Sotheby’s Petersen auction on December 8. More at Classic Cars.com Journal.
+ Two-time Formula 1 champion Fernando Alonso says he would like to compete in the Indy 500 again this year, but a complete IndyCar season in 2019 is not in the works. More at Racer.
Review the previous Executive Briefing from October 19 here.
Photo by Diana Varga © 2018 Courtesy of RM Sotheby’s.
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I don’t get how a competition Ferrari can be worth $26 million. Not my money I guess.
Especially when you have to pay that much for a tune-up every time you drive it. But I guess for that much, you just do a few laps at parking lot speed at the Monterey (or is it Monetary) Historics.