Welcome to the Daily 5 report for Feb. 7.
The Automotive Hall of Fame has chosen its four 2025 inductees, who will be honored at a ceremony on Sept. 25 in Detroit. Making it into the hall is considered "the single-greatest honor an individual can receive in the automotive industry" and is reserved for "noteworthy individuals whose efforts helped shape the automotive and mobility marketplace," the group said.
Previous inductees include automotive legends such as Giovanni Agnelli, Karl Benz, Walter P. Chrysler, Henry Ford and Roger Penske.
Here is this year's class.
Porsche said that expenses tied to expanding its product portfolio with more combustion engine and plug-in hybrid models will hurt its profitability this year. The company will take an $831 million hit linked to revamping its lineup, lowering profit margins to the 10 to 12 percent range, Porsche said on Feb. 6. Porsche is just the latest automaker to pivot back toward combustion engine vehicles amid lower demand for EVs and intense competition in China from local rivals. Porsche said in November it will develop new combustion engine derivatives across its model range to meet customer demand as sales of full-electric cars fall.
Speaking of slowing EV sales growth, Michigan is giving Ford Motor Co. an extra year in its deadline for investment and job creation at a scaled-down electric vehicle battery factory in Marshall, Mich., about 100 miles west of Detroit, as EV uncertainties abound, according to a deal executed last month. Under the agreement, Ford is clear to start collecting cash disbursements from a taxpayer-funded $141 million grant before any jobs are created, as the incentives are tied to investment milestones. There's one other condition. Ford must pay roughly $4.5 million in "project resizing costs" to general contractor Walbridge before it can request cash from the state. Under the finalized contract, Ford will have until March 2028 to invest $2.5 billion and create 1,700 jobs at the plant. Ford had planned a $3.5 billion investment and 2,500 jobs by March 2027.
Two opinion pieces you won't want to miss are on Elon Musk and how he's faring in Washington, D.C., and our editorial discussing tariffs, arguably the hottest topic in the business at the moment.
That's it for now. Have a great rest of your day.
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— Wes Raynal, assistant web editor
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