Welcome to the Daily 5 report for Monday, Oct. 27.
This has been a landmark year for the churn of CEOs atop some of the world's largest automakers. In fact, Lois Jones' story for Automotive News Europe today says six new CEOs have been named over the past seven months at Porsche, Volvo, Stellantis, JLR, Renault and Nissan.
While most of these changes impact North America to varying degrees, they are even more pronounced in Europe. As the story says, this is arguably the most volatile seven-month period for automotive CEO churn in recent memory.
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In theory, it opens the industry's collective mind to new ideas and coalitions. Old rivalries and grudges can be put aside. New leadership could create opportunities for more industry consensus and cooperation on common ground issues.
But, as we've seen in term-limited state legislatures, the lack of institutional memory at the top of the industry could erode longtime coalitions and best practices.
Ultimately, it'll be years before we know if all these new CEOs created a collective good for their stakeholders. Only one thing is for sure: These seven companies will be changed forever.
In other news, we got the first signal of a massive drop-off in U.S. electric vehicle sales from J.D. Power following the end of federal tax credits, Laurence Iliff reports. U.S. EV sales are expected to plummet 43 percent in October, J.D. Power said.
"The automotive industry is experiencing a significant recalibration in the electric vehicle segment," said J.D. Power data analyst Tyson Jominy. "The recent EV market correction underscores a critical lesson: Consumers prefer having access to a range of powertrain options."
That's it for now. Have a great rest of your day. If you want to view this story in your browser, click here.
— Philip Nussel, online editor
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