Tesla Isn't Paying Its Bills While Musk Gets $29B Payday: TDS
Good morning and welcome to The Down Shift , or TDS for short.
The Down Shift is The Drive 's new weekday early morning quick-hit news rundown bringing the latest automotive stories from around the globe that are bubbling both overnight and in the early am hours. Pair TDS with a Pop-Tart and coffee.
Today marks the second week of TDS and feedback during the the first week of this new series was both received and heard. Thank you for submitting so many comments and emails (via tips@thedrive.com). The feedback was appreciated, valuable, and is being listened to. Based on feedback, today's TDS will include a quick round up of all weekend race results, which was a great idea. Keep the feedback coming.
TDS is not a full-featured news story or in-depth reporting. It's light, quick, and short, but heavy on news that keeps you informed heading into the day. Each story is summarized in a single sentence with a link providing the ability go to deeper for more information.
The first cup of coffee is gone here, so let's get into it.
🚘 What I'm driving: I spent the weekend taking the 2025.5 Volvo XC90 T8 plug-in hybrid on a road trip up north, and learned a twin mattress, boxspring, associated frame, and bedding all fit in the back. The more you know!
💸 Tesla has not been paying bills leading some companies to file bankruptcy as the automaker approves a 96 million award of shares to CEO Elon Musk worth $29 billion, but a jury said Tesla was partly to blame in a fatal crash and it might cost the automaker $243 million, the automaker's China-made EV sales fell 8.4% in July, and brand loyalty collapsed after Musk backed Trump.
🏎️ Aston Martin said it will sell its minority stake of its Formula 1 team to free up cash, but it will maintain its sponsorship agreement.
🔨 Bugatti teased a new car called Solitaire, which will debut on August 7 and is said to be the art of coachbuilding.
🔌 Electrify America has no plans on slowing its rollout of electric car chargers and the expansion of its fast-charging network despite the current administration and political climate.
💡 The Mercedes-Benz GLC EV electric crossover's face was revealed with a grille covered in LED lights that has almost a retro vibe to it, all as the automaker pivots from an EV-only offensive to a mixed-powertrain defensive strategy.
🏭 Foxconn plans to sell its Lordstown assembly plant in Ohio for $88 million, which it bought from General Motors in 2022.
🏁 Weekend Race Results: Formula 1 Hungarian Grand Prix: McLaren's Lando Norris won after holding off Piastri with Mercedes' George Russell coming in third.
NASCAR Cup Series Iowa Corn 350: William Bryon from Hendrick Motorsports won, marking his second win of the season.
NASCAR Xfinity Series HyVee Perks 250: Sam Mayer from Haas Factory Team Ford took his first win of the season and the first or the Haas Factory Team.
USAC Indiana Sprint Week: The final race and weeklong championship at the Tri-State Speedway was won by Kevin Thomas Jr.
IMSA: BMW M Team RLL won in the GTP class while Paul Miller Racing took the GTD Pro class win.
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