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Lee Iacocca's very first Dodge Viper RT/10 nets $285,500 at auction

The first 1992 Dodge Viper RT/10 to roll down the assembly line, which was snapped up by Chrysler chief Lee Iacocca, yesterday hammered at the Bonhams auction in Arizona for $285,500, more than double the pre-sale estimate. According to a history of the car published by the auction house, Iacocca, in his introduction of the Viper to the press, pointed to the car on stage and said, "This one right here is mine." That historic Viper, with serial number 001, has never been available on the open market, as Iacocca kept the car from new until he passed away last year. The car has been driven just 6,200 miles and was being sold by his estate. Other Lee Iacocca cars offered at the same sale fared less well. A 1986 Chrysler LeBaron Town & Country convertible — the ultimate expression of Iacocca's company-saving K-cars — with 20,500 miles on it sold for $19,040. That's less than the $20,000 to $25,000 the auction house had estimated the car would bring. A third car from the former auto executive's estate was a customized 2009 Ford Mustang. The pony car was one of a limited run of 45 Iacocca-branded custom Mustangs, which were reworked by Metalcrafters and sold by Galpin Ford in Los Angeles. The Iacocca Mustang, never titled and with 220 miles on it, hammered for $49,280. Related Video:     Featured Gallery Lee Iacocca's 1992 Dodge Viper RT/10 View 13 Photos Celebrities Chrysler Dodge Auctions Automotive History

EV cost burden pushing automakers to their limits, says Stellantis' CEO Tavares

DETROIT — Stellantis CEO Carlos Tavares said external pressure on automakers to quickly shift to electric vehicles potentially threatens jobs and vehicle quality as producers struggle with EVs' higher costs. Governments and investors want car manufacturers to speed up the transition to electric vehicles, but the costs are "beyond the limits" of what the auto industry can sustain, Tavares said in an interview at the Reuters Next conference released Wednesday. "What has been decided is to impose on the automotive industry electrification that brings 50% additional costs against a conventional vehicle," he said. "There is no way we can transfer 50% of additional costs to the final consumer because most parts of the middle class will not be able to pay." Automakers could charge higher prices and sell fewer cars, or accept lower profit margins, Tavares said. Those paths both lead to cutbacks. Union leaders in Europe and North America have warned tens of thousands of jobs could be lost. Automakers need time for testing and ensuring that new technology will work, Tavares said. Pushing to speed that process up "is just going to be counter productive. It will lead to quality problems. It will lead to all sorts of problems," he said. Tavares said Stellantis is aiming to avoid cuts by boosting productivity at a pace far faster than industry norm. "Over the next five years we have to digest 10% productivity a year ... in an industry which is used to delivering 2 to 3% productivity" improvement, he said. "The future will tell us who is going to be able to digest this, and who will fail," Tavares said. "We are putting the industry on the limits." Electric vehicle costs are expected to fall, and analysts project that battery electric vehicles and combustion vehicles could reach cost parity during the second half of this decade. Like other automakers that earn profits from combustion vehicles, Stellantis is under pressure from both establishment automakers such as GM, Ford, VW and Hyundai, as well as start-ups such as Tesla and Rivian. The latter electric vehicle companies are far smaller in terms of vehicle sales and employment. But investors have given Tesla and Rivian higher market valuations than the owner of the highly profitable Jeep and Ram brands. That investor pressure is compounded by government policies aimed at cutting greenhouse gas emissions. The European Union, California and other jurisdictions have set goals to end sales of combustion vehicles by 2035.

2018 Dodge Durango SRT Quick Spin | The modern hot-rod wagon

I love big, overpowered SUVs. Except for Mercedes-AMG, no one makes fast wagons anymore. Models like the BMW X5 M and the Porsche Cayenne Turbo S fill that niche, combining a powerful engine with copious amounts of room for cargo and passengers. These SUVs are too porky to handle well on a track and too big and wide to properly tackle a curvy backroad. But with a soft suspension and a 0-60 mph time of less than 5 seconds, they are perfect for cruising city streets and pulling away from unsuspecting Ford Mustangs and Chevy Camaros. That makes the 2018 Dodge Durango SRT perfect for the Woodward Dream Cruise. Dream Cruise is an annual car meet along Woodward Avenue, just northwest of Detroit. While literally any motorized vehicle is welcome, the street is mostly filled with American cars from the height of the domestic auto industry. For a late 20-something like myself, watching and partaking in the Dream Cruise fills me with a sense of nostalgia for a time and place that never existed for me, just like watching John Wayne in anything from "Stagecoach" to "True Grit" makes you long for horseback rides in the Old West. The Durango SRT, with a pushrod Hemi V8, 392 cubic-inch badging on the fenders and muscular styling, enhances the experience. Sure, it's not nearly as cool as Mopar stalwarts like the 1969 Plymouth Roadrunner or the 1970 Dodge Daytona, but it's filled with the same sense of purpose. Dip into the throttle and listen to that eight-cylinder chorus erupt with a sound that's wholly unique. Not even the pushrod V8s from GM snarl and crack like this 6.4-liter Hemi. It's the same sort of sound you'll hear from countless Dodge, Chrysler and Plymouth products during Dream Cruise. You don't need to go fast to get the full understanding of the Durango SRT's purpose. Ignore the SRT-tuned suspension and heavy steering. What you really want to do is open the SRT menu and adjust the custom settings. Set the engine and transmission in track mode and put everything else in the street setting. You'll get all the available power and straight-line performance combined with a nice, cushy ride. We're not sure what FCA has planned for the future. While the industry moves toward electrification and autonomous ride-sharing vehicles, the automaker is pouring money into vehicles like the Durango SRT, the Dodge Challenger SRT Demon and the Alfa Romeo Giulia Quadrifoglio. Future prospects look hazy.