Good morning and welcome to our daily digest of automotive news from around the globe, starting with…

Good News: Gas Prices At The Pump Might Continue To Drop In The Near Future

In June, the national average fuel price was as high as $5.02 per gallon, but according to a new report, prices are set to tumble. Averages at the pump are already around $3.79 per gallon, but Patrick DeHann, GasBuddy’s head of petroleum analysis, says that the decline “is going to keep going for now.” DeHann thinks that prices may even dip below $3 before the end of the year in some states.

New Flying Spur Speed Joins Bentley’s Ranks With 626 HP, 207 MPH Top Speed

The new Flying Spur Speed is the fastest version of Bentley’s four-door luxury sedan, with a top speed of 207 mph and a 0–60 mph (96 km/h) in 3.7 seconds. It’s powered by the 626 hp (467 kW/635 PS) and 664 lb-ft (900 Nm) 6.0-liter, twin-turbo W12 engine. Since the standard W12 model went out of production earlier this year, the only other Flying Spur with a W12 available is the Mulliner, which has a deficit of 84 hp (62 kW/85 PS) and puts out 96 lb-ft (130 Nm) less torque than the new Speed.

2023 Toyota GR Corolla Pricing Revealed, Ranges From $35,900 To $49,900

While speculation has been rife, we finally know just how much the eagerly-awaited 2023 Toyota GR Corolla will cost. The 300 hp (223 kW) and 275 lb-ft (372 Nm) Core Edition will start at $35,900 before a Dealer Processing and Handling fee of $1,095. The Circuit Edition, which is only available for 2023, will begin at $42,900 and adds a carbon fiber roof and a host of packs that are optional for the Core Edition. The top-of-the-line Morizo Edition starts at $49,900, bumps torque to 295 pound-feet (399 Nm), and shaves off about 100 pounds of total weight.

Ford Mustang Hybrid Reportedly Dead, AWD Also Unlikely

While plans for a Mustang Hybrid were first announced in 2018, it appears that the idea may be entirely off the table. That’s not all, as the rumors of an all-wheel drive Mustang to compete with the Challenger GT seem to have been shelved as well. Instead, Ford will likely build the seventh-generation Mustang (which is set to be revealed in little over a week) for the next eight years, before a complete transition to all-electric circa 2030.

Porsche IPO Is Go, Says Volkswagen Group Board

Porsche’s IPO has been given the go-ahead thanks to the board of the Volkswagen Group. While there are still some more formalities to work out, the stock market launch now looks set to take place In September or October. The IPO could value Porsche at between €60 billion and €85 billion ($60-85 billion), although it’s understood that only a portion of the firm will be offered to new investors.

New 2023 Nissan X-Trail Revealed For Europe With Electrified Powertrains

European customers can finally avail themselves of the fourth-generation Nissan X-Trail. European-spec X-Trails will only be available in electrified forms, with the lineup comprising of hybrid (e-Power) and mild-hybrid petrol powertrains. Bar the trim structure, the Euro-spec X-Trail looks remarkably similar to the X-Trail / Rogue that are sold in other markets, and is almost identical to the Japanese spec that was unveiled a few weeks ago.

Latest Pagani C10 Teaser Reveals More Details Inside And Out

The upcoming Pagani C10 has been teased further, with the latest footage revealing some key elements of the V12 hypercar. We see Pagani’s signature dual headlights, four round LED taillights, quad exhaust pipes at the center, and alloy wheels finished in gold with matching Pagani-branded brake calipers. There’s also a carbon-fiber shield on the vented bonnet with the automaker’s emblem, while inside, we can see leather-wrapped bucket seats and the gated manual gearbox.

What Else Is Making The News

Instagram Fined A Record $400 Million 

Social media site Instagram has been fined a record €405 million ($402 million) by Ireland’s data privacy regulator. The fine is after an investigation was opened in 2020, centered around the firm’s handling of children’s data. It’s because children were able to open business accounts, which facilitated the publication of the user’s phone number and/or email address, reports CNN. Meta, Instagram’s parent company, plans to appeal the fine.

US Bans “Advanced Tech” Firms From Building Chinese Factories Amidst Semiconductor Push

The Biden Administration has stipulated that US tech companies that receive federal funding will be barred from building “advanced technology” facilities in China for the next 10 years. It comes as groups continue to push for reduced dependence on China in the face of a global semiconductor shortage.