From Road & Track
Welcome to The Grid, R&T’s quick roundup of the auto industry and motorsports news you should know this morning.
Nico Hulkenberg Replaces Sergio Perez for British Grand Prix
Well there’s a headline I didn’t expect to write. Following a positive COVID-19 test, Racing Point driver Sergio Perez won’t be able to run this weekend’s British Grand Prix, and his team has tapped German driver Nico Hulkenberg to replace him. Hulkenberg drove for Renault up until last year, but spent most of his Formula 1 career with Racing Point predecessor Force India. Motorsport reports that he got the last minute call from Racing Point team principal Otmar Szafnauer yesterday, and only managed to get into the paddock minutes before the start of practice.
Ford Manages $1.1 Billion Q2 Profit
During a global pandemic in which car production largely ceased and consumer demand cratered, you wouldn’t expect a company like Ford to be profitable. And yet, as Automotive News reports, Ford posted a $1.1 billion profit for the second quarter of 2020. That’s largely thanks to its investment in autonomous car startup Argo AI. Volkswagen invested in Argo, and the value of that company rose to $7.5 billion, upping Ford’s stake to $3.5 billion. Ford expects to extend its profitability into Q3, but is planning for losses in Q4, when production of the Mustang Mach E and 2021 F-150 is set to commence.
FCA Posts $1.24 Billion Loss For Q2
Unlike Ford, Fiat Chrysler didn’t manage any surprises for Q2 2020. Automotive News reports that FCA posted a $1.24 billion loss, but still managed a small, $46.1 million profit in North America. It seems trucks were a big help, because while North American vehicle shipments fell 62 percent year over year, the company said a “favorable channel and model mix” helped offset the losses.
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