Welcome to today's edition of the Daily 5.
Magna International Inc. is pumping the brakes on a potential North American vehicle assembly plant as the supplier takes a more cautious approach to its contract manufacturing business. Magna CEO Swamy Kotagiri said that "given uncertainty right now and the excess capacity that's there in the market, I would say that the probability of us looking at that would be very low right now."
Magna was looking for a long-term arrangement with a customer or customers for multiple product cycles, but companies are less likely to make a commitment considering slowdowns in EV sales growth and uncertainty surrounding automaker plans.
Word from another CEO is that there's a lot riding on the upcoming Jeep Wagoneer S, the brand's first electric vehicle in North America. While Jeep has said the EV would debut this fall, brand CEO Antonio Filosa says it is more focused on ensuring quality is up to par rather than trying to meet a specific launch date.
He said the Wagoneer S is close to being ready and that he's gotten word from the plant building it in Toluca, Mexico, that "quality is increasing."
He also said there's a clear mandate: "No launch if the quality isn't perfect."
In other EV news, Lucid Motors teased its midsize crossover with an image showing a sleek design. The model, CEO Peter Rawlinson told Automotive News, will go right at Tesla's Model Y in two years.
We also have reports on Rivian Automotive joining Tesla and Lucid with fresh referral programs and Lithia Motors entering north Florida.
That's it for now. Have a great rest of your day.
If you want to view this report in your browser, click here.
