This 1939 Bugatti Type 57C Aravis sold for$6.6 million at the Gooding & Company Mullin collection sale. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ Rivian Automotive announced it has received $827 million in an incentive package from the State of Illinois to expand operations at its Normal assembly plant in the center of the state. More at Reuters.
+ Tesla CEO Elon Musk has terminated all the employess in the unit that operates the EV maker’s Supercharger network, leaving observers confused about his next move. More at the Financial Times.
+ The National Highway Traffic Safety Administration (NHTSA) announced that automated emergency braking systems will become mandatory on all new vehicles in 2029. More at Car and Driver.
+ Members of the U.S. Congress have written to Liberty Media CEO Greg Maffei to express “concerns with apparent anti-competitive actions” blocking Andretti Global’s Formula 1 bid. More at Racer.
+ First quarter financial results from Stellantis show a 12 percent decline in revenue to $44.5 billion and a 10 percent decline in shipments, but growth in the Middle East and Africa. More at the Detroit Free Press.
+ Cadillac vice president John Roth hinted that the GM division could continue to produce internal-combustion vehicles through its previous 2030 cutoff if demand is sufficient. More at Autoweek.
+ According to Consumer Reports, the 10 vehicles with the greatest number of paint problems include the 2016 Chevrolet Suburban, 2015 Hyundai Genesis, and 2016 Ford Explorer. More at Autoblog.
+ Used car retailer Carvana posted record earnings for the first quarter in a dramatic recovery from early 2023, reflecting an aggressive restructuring effort over the last two years. More at CBT News.
+ The Gooding & Company auction of the Mullin Automotive Museum collection recorded $19 million in total sales, led by a 1939 Bugatti Aravis Type 57C Special Cabriolet at $6.6 million. More at Vintage Motorsport.
+ Basketball legend Michael Jordan, co-owner of the 23XI NASCAR Cup team, says “this sport’s going to die” if the charter system and revenue sharing plans are not improved. More at CBS Sports.
Photo by Brian Henniker copyright and courtesy of Gooding & Company.
Review the previous MCG Executive Briefing from April 29 here.
Join Mac’s Motor City Garage on Facebook and X (Twitter) to receive notices when every new story is published.