This 1934 Packard Twelve was the top seller at the RM Sotheby’s Amelia Island auction, bringing $4.13 million. Get all the latest auto industry news in the Executive Briefing.
Today’s Headlines:
+ Shares in Rivian tumbled by 12 percent when the electric truck maker warned that its 2022 production could be cut by half to 25,000 vehicles due to supply chain problems. More at Reuters.
+ As anticipated, Volkswagen has officially introduced the ID.Buzz, its all-electric reincarnation of the classic VW Microbus, which hits the showrooms in the USA in 2024. More at CNN Business.
+ The Biden administration formally restored California’s power to set its own emissions standards, reversing a Trump administration policy that divided the U.S. auto industry. More at The Detroit News.
+ Driver Kevin Magnussen has returned to the Haas Formula 1 team to replace Russian Nikita Mazepin, who was terminated following Russia’s invasion of Ukraine. More at ESPN.
+ Chinese Tesla rival Xpeng has launched its mass-market P5 electric sedan in the European market and is now taking pre-orders in the Netherlands, Norway, and Sweden. More at CNBC.
+ Alpina, which was founded as a specialty tuner of BMW automobiles in 1965, has been acquired by BMW, which plans to take full control of the Bavarian company in 2025. More at The Drive.
+ Tesla has once again raised its list prices on the Model 3 sedan and the Model Y crossover, this time by $1,000 in the United States and more than $1,500 in China. More at Autoblog.
+ RM Sotheby’s 23rd annual Amelia Island auction recorded $46.64 million in sales and an 89 percent sell-through rate, led by a 1934 Packard Twelve that brought $4.13 million. More at ClassicCars.com Journal.
+ Nearly 100 select Dodge dealers in the United States will set up special parts operations under the name Dodge Power Brokers to cater to performance enthusiasts. More at Motor Authority.
+ Steve O’Donnell, recently promoted to chief operating officer at NASCAR, says the sanctioning body will “take a look at” organizing an exhibition series for electric cars. More at NBC Sports.
Photo courtesy and copyright of RM Sotheby’s.
Review the previous Executive Briefing from March 7 here.