US carmaker Ford has dumped CEO Mark Fields. He'll be replaced by James Hackett, the head of the unit developing its self-driving cars.
Tesla has not sold many cars and makes a fraction of the revenue of Ford, but it has just overtaken the 100-year-old automobile pioneer in terms of market capitalisation.
Mexico's peso hit a new record low after Ford said it won't build a huge car-making plant in the country following criticism by president-elect Trump.
Ford Motor Company has scrapped a planned Mexican car factory and is instead extending its operations in Michigan by creating 700 jobs.
Detroit, better known as the Motor City or simply Motown, is a city which for decades stood as a symbol of the American dream.