Tesla Motors has announced that its CEO, Elon Musk, won’t be paid unless its already high stock valuation blasts into the stratosphere. The executive’s compensation is now tied to a dozen operational milestones. The first of these requires bringing the company’s current market cap to $100 billion, followed by 11 more set at $50 billion increments.

Agreeing to the program, Musk now has to stay with Tesla until 2028 as both its executive chair and product officer. While this does allow him to bring in another CEO sometime in the future, the company is likely hoping to dispel any speculation that he would abandon the position. It’s good to see Musk putting some serious skin into the game but, as a multi-billionaire, his not being paid unless Tesla’s stock valuation climbs isn’t the biggest threat to his financial security.  Read More >

He called his cars — made in California — Eagles, and his friends and fans nicknamed him Big Eagle. His company and team were the All American Racers (though they raced Toyotas for some time). He was one of less than a handful of American drivers to win in Formula One, but the only one to do so in an American race car, built in his own shop. He, along with A.J. Foyt and Roy Lunn, helped The Deuce kick il Commendatore’s ass at LeMans, in a car designed and built in Dearborn, Michigan. There was even a lighthearted attempt to draft him to run for president.

Dan Gurney was quintessentially American, one of the people who have made the United States a great country. Read More >

Last year, following several fruitless attempts to find a merger partner, Fiat Chrysler Automobiles found itself on the business end of a pretty shocking rumor. Apparently, several Chinese automakers were lining up for a chance to buy FCA. Not so, said those automakers, though Great Wall Motors mentioned it totally wouldn’t miss a chance to steal the Jeep brand away from its parent.

While the thought of such an acquisition no doubt inspired nightmares among Jeep fans (and FCA accountants), it was not to be. Not only is the automaker determined to keep a firm hold on its most valuable brand, it’s not planning on offloading any division, CEO Sergio Marchionne now claims. Read More >

Nissan Motor Company is moving senior vice president and chairman of Renault Eurasia, Denis Le Vot, westward to succeed Jose Munoz as president and chairman of Nissan North America. While Munoz will persist as the brand’s global chief performance officer, Le Vot will take over his regional duties.

A french native, Le Vot joined Renault in 1990 and soon moved up the ranks — eventually being appointed to the brand’s management committee in 2015 and AvtoVAZ’s board of directors the following year. The Nissan executive board in Yokohama, Japan, approved his new appointment in a meeting on Tuesday. However, the title doesn’t become official until January 16th.  Read More >

Ford’s former head of performance car manufacturing, Dave Pericak, is now the engineering director for the automaker’s North American unibody vehicles. While in charge of Ford Performance, the division launched the Raptor, Focus RS, Shelby GT350, and GT. Prior to taking the helm in 2014, he was also the chief engineer of the 50th anniversary Mustang.

Now responsible for mainstream models from both Ford and Lincoln, Pericak’s previous duties will be split between Mark Rushbrook and Hermann Salenbauch. Rushbrook will handle the company’s racing efforts as Salenbauch runs Ford’s production vehicle development. Read More >

The judge didn’t go easy on the former Volkswagen executive. Oliver Schmidt, 48, former general manager of Volkswagen’s U.S. Environment and Engineering Office, was sentenced to seven years in prison and handed a $400,000 fine Wednesday for his role in covering up the automaker’s diesel emissions deception.

Schmidt’s punishment is the maximum allowed under the plea deal he reached in August. The executive pleaded guilty to two charges relating to the conspiracy to violate the country’s Clean Air Act with a fleet of pollution-spewing diesel cars.

“It is my opinion that you are a key conspirator in this scheme to defraud the United States,” U.S. District Judge Sean Cox of Detroit told Schmidt. “You saw this as your opportunity to shine … and climb the corporate ladder at VW.”

The sentencing wraps up a legal saga that began, unpleasantly, as Schmidt sat on a Miami toilet during a vacation stopover. Read More >

The internet is a black hole filled with an endless stream of stupid thoughts and bad ideas. While it’s usually best to ignore it, every so often something breaks through the obnoxious drone of social media that is so egregious, you couldn’t possibly turn a blind eye if you wanted to.

We are obligated to present to you a recent tweet from Vahid Kazemi, a software engineer for Google’s self-driving arm Waymo, and describe how it made us feel.  Read More >

After overseeing the introduction of the “Dare Greatly” campaign, a move of company HQ to tony Manhattan, and an ad spot touting Super Cruise during the MTV Video Music Awards, Uwe Ellinghaus is resigning from his post as head marketing honcho at Cadillac.

Tapped by Caddy chief Bob Ferguson in 2014, Ellinghaus arrived at the luxury automaker after a stint at Montblanc International and, prior to that, nearly 15 years at BMW.

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Ford wasn’t kidding about wanting to keep ownership of the GT as exclusive as possible. In addition to setting production numbers incredibly low, the company also carefully vetted prospective supercar buyers and made them promise not to resell the vehicle for at least two years.

While atypical of Ford-branded vehicles, clauses like that aren’t uncommon among high-end manufacturers selling an ultra-rare model. But what happens when a customer decides to ignore the contract and flip the vehicle prematurely?

Well, as wrestling-icon John Cena found out, the automaker takes you to court. On Thursday, Ford Motor Company filed suit against Cena in the U.S. District Court in Michigan over breach of contract, fraudulent misrepresentation, and unjust enrichment. Read More >

You don’t reach the ripe old age of 101 without accumulating a few stories, and by all accounts, Arjay Miller had them in spades. The former Ford Motor Company “Whiz Kid,” part of a group of young men hired en masse by Henry Ford II following the Second World War, joined his colleagues in turning around a once-revolutionary automaker that had fallen behind the times.

After achieving this goal, Miller found himself president of the company, only to give up the cushy, high-flying executive existence for the low-paid academic life he seemed to prefer. Read More >

It’s kind of difficult to imagine if you aren’t old enough to remember, but there was a period in the 1980s when the Porsche 911 was almost removed from the automotive landscape. In 1979, Porsche had made plans to replace the 911 with the new 928. The working logic was that the 911 was too quirky, impractical, and a bit of a handful. Porsche executives figured it just made good sense to swap it with something that had a broader appeal, especially as the company’s finances weren’t looking particularly robust at the time.

However, in 1981, Porsche AG found itself with a new chief executive — a German-born American named Peter Schutz. And he was having absolutely none of that nonsense.  Read More >

Hyundai has snagged itself another high-profile BMW veteran. Last time it was Albert Biermann, dynamics wizard and former head of BMW’s M line. This time it’s Fayez Abdul Rahman, BMW’s former head of M Equipment, M sport packages, and M performance vehicles.

Whereas Biermann is currently serving as Hyundai Group’s vice president in charge of performance and high-performance vehicle development for the group, Rahman will focus specifically on Genesis vehicles. He previously led concept and platform development for numerous model lines at BMW — including the X Series, 7 Series sedan, and various M brand vehicles.

At Hyundai, he’ll be responsible for doubling the size of Genesis’ fleet by 2020, via the gradual inclusion of crossovers.  Read More >

If only other automakers were as sensible and wise as Toyota. If those companies held Toyota’s Magic 8 Ball, conjuring up all the right answers in the little purple window, they wouldn’t be so hasty to embark on risky ventures.

That’s the view of Toyota’s executive vice president, who’s apparently feeling pretty pleased with himself and his company. Didier Leroy broke from the automaker’s staid, stay-the-course-and-don’t-ruffle-feathers attitude at the Tokyo Motor Show this week, describing his rivals’ faults at a dinner held on the show’s sidelines.

Plunge headlong into electric vehicles? Sure, make wild long-term promises to customers, Leroy said. Toyota doesn’t do that. It just hands you a real car when it’s ready. Oh, and those diesels everyone’s worried about? Toyota fell out of love with them long before the word “dieselgate” left anyone’s lips.

Toyota’s feeling its oats. Read More >

Ford is restructuring its upper management for the second time since former CEO Mark Fields took permanent leave of the company. Now in the top executive slot, Jim Hackett wants to continue tweaking staff in order to “improve efficiencies” and reshape the automaker in an image more appetizing to investors and potential buyers.

Hackett’s initial culling served to streamline the corporate hierarchy into something more manageable. The more recent shakeup, announced Tuesday, appears to be more of the same — leaving some with additional duties as Ford attempts to realign its global strategy. Read More >

By 1966, muscle cars were hitting peak stride. But some argued they had become too expensive and strayed too far from the original concept. As performance models had grown in displacement and technology, some crossed into premium pricing territory. Pontiac’s GTO, for example, could easily exceed $4,000 with a handful of options when the average cost of an American automobile was closer to $2,750.

Enter Jack Smith.

Plymouth had fallen into the pricing pitfall like most other manufacturers. Smith, who owned a souped-up Belvedere II, had recently been promoted to head of the company’s mid-sized car planning division. He wagered the public might enjoy a car like his and Plymouth introduced the GTX in 1967 to compete with the GTO. But it was still too expensive, especially for a budget brand like Plymouth, and garnered a lukewarm sales response — which gave Jack an idea.  Read More >