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Tesla Returns to the Trillion-Dollar Club
Jordan Greer
November 11, 2024
Good morning, SpeedBites readers! Today we're looking at Tesla’s surging share prices sending its value back up past $1 trillion, while Ferrari is eyeing up a tribute to the legendary F40. As you sip your coffee and explore these stories, why not share the excitement with a friend who loves cars as much as you do? Happy reading!
AUTOMOTIVE INDUSTRY NEWS
Tesla's share price surged nearly 30% following Donald Trump's US Presidential election victory, partly due to CEO Elon Musk's significant financial support for Trump's campaign aimed at favorable regulations for autonomous vehicles. However, the company faces challenges as the National Highway Traffic Safety Administration has flagged Tesla's communications regarding its Full-Self Driving software, which is under investigation after several reported collisions, raising concerns about its safety and public perception.
Ferrari is reportedly developing a tribute to the iconic F40 supercar, likely to be part of its 'Icona' series, which focuses on modern interpretations of classic models rather than direct revivals. This new model, possibly named the SP4, may share underpinnings with the SF90 Stradale or Spider, while potentially reducing power output by omitting the hybrid system found in the SF90.
Lamborghini reported record sales in the first nine months of 2024, delivering 8,411 vehicles and generating €2.43 billion in revenue, driven by strong demand for its hybrid models. In Australia, sales rose by 26.4% to 244 units, with upcoming models like the V10-powered Temerario and the Urus SE SUV expected to further boost the brand's presence in the market.
Italy is urging the European Union to reconsider its 2035 ban on new petrol and diesel car sales, highlighting the challenges faced by its automotive industry in transitioning to low-emission vehicles amid declining sales and foreign competition. The Italian government is advocating for a review of the legislation in 2025, emphasizing the need for a broader range of solutions beyond electric and hydrogen vehicles to ensure the competitiveness of the European automotive sector.
Jaguar Land Rover has announced that its first electric vehicle based on the new EMA platform will debut in less than two years, likely as a smaller version of the Range Rover Velar. This model will follow the upcoming launches of the Range Rover Electric and Range Rover Sport Electric, with the latter expected to start sales in 2025.
Morgan Motor Company has opened orders for its Plus Four model in the U.S., marking the first time in nearly two decades that a four-wheeled Morgan will be available in the American market, with a starting price of $84,995. The Plus Four features a BMW 2.0-liter engine and is built on a new platform while maintaining traditional construction methods, including an ash timber frame, and will be sold through a limited network of U.S. dealers.
General Motors has announced the discontinuation of the Cadillac XT4, a compact crossover that will cease production in January after only one generation, despite a slight sales increase in the last quarter. The vehicle, which was built at the GM Fairfax Assembly plant alongside the Chevrolet Malibu, will not be replaced in the lineup as GM shifts its focus toward electrification and the production of the new Chevrolet Bolt EV.
BMW has confirmed the production of the Concept Skytop, a limited edition vehicle with only 50 units made, all of which have already been sold. The car features a twin-turbo 4.4-liter V8 engine producing 617 horsepower, a targa top design, and extensive individual manufacturing of components, reflecting the brand's commitment to quality and driving experience.
Audi currently offers a diverse lineup of 12 SUVs, ranging from the compact Q2 to the larger Q8, while phasing out dedicated sports cars like the TT and R8 due to a shrinking market for such models. The brand's focus remains on SUVs, as evidenced by plans for the next-gen Q5 Sportback and the discontinuation of the Q2, amidst broader economic challenges and declining sales figures.
Aston Martin has introduced the Vantage AMV24 Edition to commemorate its GT3-class victory at the 2023 24 Hours of Spa, marking the first win for a British-built car at the event in 40 years. Limited to just 24 units for clients in Continental Europe, the AMV24 features unique design elements and invites owners to drive their cars at the 2025 Spa 24 Hours, with first deliveries expected in early 2025.
Lotus has announced plans for up to 200 job cuts as part of a restructuring effort aimed at optimizing its operations in response to market conditions, following previous layoffs earlier in the year. Despite these changes, the company remains committed to fulfilling customer orders and is still on track to launch the Type 135 electric sports car by 2027.
Honda has introduced a performance electric motorcycle concept, the EV Fun, which is set to launch in 2025 and aims to provide a distinct experience compared to traditional internal combustion engine motorcycles. The company plans to establish a standard for swappable batteries in collaboration with partners, while continuing its broader electrification strategy that includes the introduction of ten new electric bikes by 2025.
MOTORSPORT
The Qatar Investment Authority (QIA) is in discussions with Volkswagen Group and Audi regarding potential financial support for Audi's Formula 1 project, which is set to debut in 2026, amid the backdrop of significant job losses at Audi. As part of these negotiations, QIA may increase its stake in Volkswagen, potentially leading to a larger role in Audi's F1 team, while preparations for acquiring Sauber Motorsport are expected to be finalized by early 2025.
Ferrari team principal Fred Vasseur has suggested that the upcoming aerodynamic testing restrictions in Formula 1 could lead some teams to intentionally underperform in the 2025 season to gain an advantage in development for the new regulations set to be implemented in 2026. The sliding scale of wind tunnel and CFD allowances based on constructors' championship positions may incentivize lower-ranked teams to focus on long-term gains rather than immediate results, potentially reshaping the competitive landscape.
Liam Lawson has expressed dissatisfaction with McLaren's decision to play the British national anthem after F1 victories, arguing that it overlooks the team's New Zealand origins. He highlighted company founder Bruce McLaren's legacy, suggesting that it should warrant recognition of New Zealand's national anthem instead, although McLaren created the company in the UK in 1963 and it has always competed under the nation’s flag.
Franco Colapinto is being considered as a potential replacement for Sergio Perez at Red Bull, despite the latter having a contract for the next season. Former F1 driver Karun Chandhok cautioned that moving to Red Bull might be premature for Colapinto, suggesting it could hinder his development, especially after a challenging performance at the São Paulo Grand Prix.
The Sauber Formula 1 team has finalized its 2025 driver lineup, replacing Valtteri Bottas with McLaren junior Gabriel Bortoleto, despite Bottas's strong performance relative to his teammate Zhou Guanyu in 2024. The decision has raised questions about the fairness of Bottas's treatment, as he has consistently outperformed Zhou, yet the team appears to be prioritizing a long-term strategy with younger drivers.
Max Verstappen is poised to become only the second Formula 1 world champion to win the drivers' title on more than one occasion while his team fails to take the constructors' championship. While Verstappen leads his championship by 62 points, Red Bull currently sits in third, 49 points behind leaders McLaren, and should that situation persist to the end of the season he’ll join Nelson Piquet - his girlfriend’s father - as the only drivers to experience this on multiple occasions.
The Brazilian Grand Prix highlighted ongoing concerns regarding the performance of Formula 1's wet tyres, with drivers expressing skepticism about Pirelli's upcoming changes, including a new tread pattern for the 2024 season. Despite Pirelli's acknowledgment of the need for improvement and plans for testing, drivers remain hesitant to use the wet tyres due to their perceived inadequacy, raising questions about safety and visibility in wet conditions.
Following comments from F1 pundit and former driver Martin Brundle, a poll has revealed a divided opinion among fans regarding the blue flag rules in Formula 1, with 46.46% supporting a ban and 43.95% favoring the current system. Reader suggestions included a modified approach where lapped drivers would have one lap to yield to faster cars, aiming to balance competitive integrity with the need for clear communication about blue flags.
Stewart-Haas Racing (SHR), founded by Tony Stewart in 2009, is set to close at the end of the current NASCAR season after years of fluctuating success, including a championship win in 2011. The team’s drivers expressed a mix of gratitude and sadness as they prepare for their final race in Phoenix, reflecting on the camaraderie and challenges faced during their time with the organization.
CURIOSITIES
A real first-generation Dodge Viper, long perched atop the Audubon Chrysler dealership sign in Henderson, Kentucky, is set for refurbishment after years of exposure to the elements left it in a state of disrepair. While some locals appreciate its role as a town landmark, many automotive enthusiasts believe the car deserves a more active life on the road rather than as a static display.
A series of videos from Arkansas highlight poor driving standards and habits of police during high-speed police pursuits, showcasing incidents where officers exceed 100mph in attempts to catch fleeing suspects despite obvious dangers. One incident shows a State Trooper jumping his car at high-speed, sustaining vehicle damage and risking a heavy collision with no suspect in view, with the footage raising questions about the safety and effectiveness of such chase methods.
Willowbank Raceway in Queensland has decided to prohibit fully electric vehicles from racing on its drag strip due to safety concerns, including risks associated with fire, emergency response challenges, and the inability to manually unlock doors in emergencies. The decision has sparked mixed reactions among car enthusiasts, with some suggesting that petrol car owners are simply frustrated by recent losses to electric vehicles.
Angie King experienced a car fire while vlogging about her modified first-generation Acura NSX on the South Luzon Expressway, in the Philippines, resulting in the vehicle being completely destroyed. King, who later revealed that she believes a burst fuel line may have caused the fire, escaped the situation in a surprisingly calm manner, and is now considering a rebuild with support from the NSX community.
A 2020 Nissan GT-R50, one of only 19 produced, has been listed for sale in Canada after failing to sell at auction last year. This particular model, build number 11, features significant performance upgrades and unique design elements but has remained unsold for over two years, with its price now lower than the original retail cost.
In a peculiar incident on October 29 in Dearborn, Michigan, police pursued a reportedly stolen Hyundai Santa Fe that attempted to evade capture by driving in reverse for nearly a mile along Ford Road. Witnesses described the unusual chase, which involved the driver backing away from officers while avoiding collisions with other vehicles, before ultimately pulling over and being arrested.
A 1990 Porsche 964, severely damaged in a barn fire, recently sold for $17,350 at auction, significantly lower than its $89,000 price in 2021. Despite its extensive damage, the car was listed with a clean title and presented as a project for restoration, although its condition raises questions about the feasibility of such an endeavor.
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