Mitsubishi Motors said Osamu Masuko will step down as its CEO on June 21 and be replaced by Takao Kato, who is president of its operations in Indonesia. Masuko, 70, will retain his role as chairman of the board, Mitsubishi said in a statement.
Elon Musk, in an email to employees, said Tesla’s net proceeds from its recent stock and debt offering gave the company only 10 months to achieve breakeven at the rate it burned cash in the first quarter. Tesla shares fell on the news.
Nicholas Speeks, 60, a career-long veteran of Mercedes-Benz, takes over from Dietmar Exler, who is leaving the company for a role said to be outside the auto industry.
Two models will result from Hyundai’s $89 million investment in Rimac: a sports car for Hyundai’s N performance subbrand and a fuel cell car, likely for Kia.
The automaker will debut a “modular hybrid technology” on its 2020 Explorer and upcoming rwd hybrids that allows them to tow, haul and go off road.