After issuing a recall to correct a hub defect that could cause wheels to fall off, Toyota has now tendered a buyback offer to bZ4X electric vehicle owners. Get all the latest auto industry news in the Executive Briefing. 

Today’s headlines: 

+   Tata Motors has signed an agreement to buy the Ford Motor Company’s former manufacturing plant in the western state of Gujarat, India for $91.5 million for its EV division. More at Reuters. 

+   According to the National Insurance Crime Bureau, the most frequently stolen vehicles in the USA are Chevy and Ford full-size pickups, followed by the Honda CIvic. More at Autoweek. 

+   BMW is developing its first dedicated battery-electric platform, to be called the Neue Klasse (German for “new class”) and slated for production on 3-series vehicles in 2025. More at The Drive.

+   The McLaren Formula 1 team has officially informed veteran driver Daniel Ricciardo that it intends to release him in favor of Alpine reserve driver Oscar Piastri next year. More at Motorsport.com.  

+   Sales of plug-in hybrid electric vehicles (PHEVs) are sliding in Europe as car buyers increasingly skip over the transitional technology and purchase all-electric vehicles. More at Autoblog. 

+   Ferrari is recalling nearly 24,000 vehicles from the 2005 through 2022 model years to correct a defect in the master cylinder filler cap that could cause a brake system failure. More at CNET Cars.

+   Vietnam’s VinFast plans to hire 8,000 more employees for its electric-vehicle plant in Vietnam as it ramps up production to deliver its first battery-powered SUVs to the USA. More at World Auto Forum. 

+   After issuing a recall in June to correct a hub defect that could cause wheels to fall off, Toyota has now extended a buyback offer to owners of the bZ4X electric crossover. More at Car and Driver. 

+   Semi-retired IndyCar driver Marco Andretti will make his NASCAR Xfinity series debut at the Charlotte Roval on October 8 driving a Chevrolet for Big Machine Racing. More at CBS Sports. 

+   At the company’s annual meeting in Austin, Texas, Tesla shareholders agreed to a three-for-one stock split to make the company’s shares more accessible to smaller investors. More at The Detroit News. 

Photo courtesy of Toyota. 

Review the previous Executive Briefing from August 5 here.