Welcome to The Grid, R&T’s quick roundup of the auto industry and motorsports news you should know this morning.
Vettel Gets New Chassis for Spanish Grand Prix
Sebastian Vettel’s performance over Formula 1’s two rounds at Silverstone was not befitting of a four-time champion, and the German driver didn’t know what was wrong. Autosport reports that Ferrari investigated Vettel’s SF1000 chassis and found a problem, so the team is giving him a new car for this weekend’s Spanish Grand Prix. “Sebastian will have a new chassis, because after the Silverstone post-race analysis, we spotted a small fault caused by a heavy impact over a kerb,” Simone Resta, Ferrari’s head of chassis engineering said. “It would not have had much of an effect on performance, but it was the logical decision to take.” Is that a dig? We’ll let you decide. We’ll see if Vettel can improve his fortunes when practice begins Friday.
Tesla Plans Stock Split
Wall Street loves Tesla right now. The California company is currently more valuable than Ford and Toyota combined, at $256 billion, and to capitalize, Tesla is planning on a 5-for-1 stock split. As Automotive News reports, all Tesla shareholders on record by August 21st will receive four additional shares for every share they own. This will allow more people to invest in Tesla at a lower price point.
Polestar Aims to Go Public
It’s not just Tesla that investors love. Share prices in many nascent electric-vehicle makers are on the rise, leading to crazy valuations for companies like Nikola, which hasn’t yet built anything. Volvo’s new EV offshoot, Polestar, naturally wants in on the action, but first, it needs to nail the launch of the new Polestar 2 sedan. To be fair to Polestar, the idea of going public was first floated by Volvo CEO Hakan Samuelsson last year. “Let’s see where we are in a year’s time,” Polestar boss Thomas Ingenlath told Reuters.