Welcome to today's edition of the Daily 5.
Nissan Motor Co. could tap a former executive to lead its hopeful renaissance. A person familiar with the plan told Automotive News that the automaker is considering Jun Seki to orchestrate a financial turnaround and maybe even get the derailed merger with Honda Motor Co. back on track. Seki is an executive of Hon Hai Precision Industry Co., the Taiwan manufacturer of iPhones also known as Foxconn. Hon Hai is interested in partnering with Nissan to diversify from contract manufacturing to building a consumer brand and retail business. Nissan CEO Makoto Uchida is expected to step down, having failed to execute on business turnaround plans. Some blame Uchida's slow pace at making reforms for the breakdown of merger talks with Honda.
Seki is a known entity inside Nissan, having spent three decades at the automaker, including a stint running its key China business. We'll be watching this closely.
European automakers are getting a bit of a break: European Commission President Ursula von der Leyen said the bloc would grant automakers a three-year window to hit carbon dioxide emissions targets that were originally set for this year. A "targeted amendment" to give the auto sector flexibility under the 2025 emissions rules will be proposed this month, von der Leyen said. In effect, the changes mean automakers can miss the target this year as long as they outperform in the next two.
"Instead of the annual compliance, companies will get three years on the principle of banking and borrowing," she said in a press briefing. "The targets will stay the same, but it means more breathing space for industry and more clarity without changing the agreed targets."
Cadillac took the wraps off a roomier version of its electric Escalade, offering extra space for people and cargo for about $2,700 more. General Motors' luxury brand revealed the 2026 Cadillac Escalade IQL, a nameplate it confirmed a year ago and the counterpart to the gasoline-powered Escalade ESV. Escalade IQL production is set to begin around mid-2025 at GM's Factory Zero electric vehicle assembly plant in Detroit. The big SUV will be sold globally and come in four trims: Luxury, Sport, Premium Luxury and Premium Sport. Pricing will start at $132,695 versus $129,990 for the standard-length Escalade IQ. Both prices include shipping.
Another EV newcomer is Volvo's sleek ES90, which the automaker said will charge faster and go farther than any EV in its lineup. Volvo said the ES90 full-electric large premium car blends characteristics from three vehicle types: the elegance of a sedan, the flexibility of a fastback and the spaciousness and higher ground clearance of an SUV. By catering to all three, Volvo said the ES90 "carves out a new space for itself," putting the car "in a class of its own."
And last but certainly not least, with tariffs front and center, be sure to check out our tariff live blog.
That's it for today. Have a great rest of your day.
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— Wes Raynal, assistant web editor
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