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Overnight action from the 24 Hours of Le Mans

We won't go into a recap here, but there are still leading positions being fought for in all classes - it's so close that leads are changing when a car goes into the pits. We'll let the recap wait until the end of the race, so for now enjoy some shots from last night's action at the 24 Hours of Le Mans.

EV cost burden pushing automakers to their limits, says Stellantis' CEO Tavares

DETROIT — Stellantis CEO Carlos Tavares said external pressure on automakers to quickly shift to electric vehicles potentially threatens jobs and vehicle quality as producers struggle with EVs' higher costs. Governments and investors want car manufacturers to speed up the transition to electric vehicles, but the costs are "beyond the limits" of what the auto industry can sustain, Tavares said in an interview at the Reuters Next conference released Wednesday. "What has been decided is to impose on the automotive industry electrification that brings 50% additional costs against a conventional vehicle," he said. "There is no way we can transfer 50% of additional costs to the final consumer because most parts of the middle class will not be able to pay." Automakers could charge higher prices and sell fewer cars, or accept lower profit margins, Tavares said. Those paths both lead to cutbacks. Union leaders in Europe and North America have warned tens of thousands of jobs could be lost. Automakers need time for testing and ensuring that new technology will work, Tavares said. Pushing to speed that process up "is just going to be counter productive. It will lead to quality problems. It will lead to all sorts of problems," he said. Tavares said Stellantis is aiming to avoid cuts by boosting productivity at a pace far faster than industry norm. "Over the next five years we have to digest 10% productivity a year ... in an industry which is used to delivering 2 to 3% productivity" improvement, he said. "The future will tell us who is going to be able to digest this, and who will fail," Tavares said. "We are putting the industry on the limits." Electric vehicle costs are expected to fall, and analysts project that battery electric vehicles and combustion vehicles could reach cost parity during the second half of this decade. Like other automakers that earn profits from combustion vehicles, Stellantis is under pressure from both establishment automakers such as GM, Ford, VW and Hyundai, as well as start-ups such as Tesla and Rivian. The latter electric vehicle companies are far smaller in terms of vehicle sales and employment. But investors have given Tesla and Rivian higher market valuations than the owner of the highly profitable Jeep and Ram brands. That investor pressure is compounded by government policies aimed at cutting greenhouse gas emissions. The European Union, California and other jurisdictions have set goals to end sales of combustion vehicles by 2035.

Fangio's Ferrari sells for $28 million in New York [w/videos]

See this Ferrari? It just set the record as the most valuable automobile sold at auction this year. It's a 1956 Ferrari 290 MM driven by the legendary Juan Manuel Fangio, and it sold last weekend in New York for an astonishing $28.05 million. The speedster was built for Fangio to drive in the 1956 Mille Miglia – the last time the Argentinian would enter the race, which was shut down as a competitive event the following year. But before chassis number 0626 was retired, it was driven by such legends as Phil Hill, Alfonso de Portago, and Wolfgang von Trips. Ferrari only made four examples, and between its provenance and its pristine condition – it never crashed – this 290 managed to exceed its pre-sale estimate. In the process, 0626 powered its way into the record books as the most expensive car sold at auction in 2015, the most valuable that RM has ever handled, and the highest price ever paid for a vehicle in New York City. In fact the only cars ever sold at auction for more than this one were another Ferrari (the 250 GTO that Bonhams sold last year for $35 million) and another of Fangio's racers (the Mercedes W196 also sold by Bonhams for $29.6 million in 2013). Though Fangio's Ferrari was far and away the top lot of the day, it wasn't the only multi-million-dollar automobile sold as part of RM Sotheby's Driven by Disruption auction. A 1962 Aston Martin DB4 GT Zagato set a new record for British automobiles at $14.3 million. A Ferrari 250 GT Series I Cabriolet sold for $5.7 million, a Pierce-Arrow Silver Arrow went for $3.7 million, and another Ferrari 250 Europa sold for $3.3 million – as did Floyd Mayweather's Enzo. A '72 Lamborghini Miura SV fetched $2.4 million, and Janis Joplin's Porsche 356 set a new record for its type and well exceeded expectations at $1.7 million. All told, the event generated a massive $73.5 million in sales, of which the Fangio Ferrari alone accounted for over a third. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.