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Crunch watch Mar 09: the auto industry in crisis

By Ben Pulman and Tim Pollard Motor Industry 31 March 2009 13:48 Tuesday 31 March 2009• Porsche said that its earnings before tax rose to €7.3 billion in the six months to the end of January – including a €6.8bn windfall from its VW share options (Financial Times)• Fritz Henderson, GM's president and chief operating officer, will step up to replace Rick Wagoner, who was ousted on Sunday as CEO of General Motors (Financial Times)• President Obama is essentially CEO-in-chief of GM – despite not owning a single cent of stock, says Detroit News commentator (Detroit News)• German chancellor Angela Merkel gives assurances that any would-be investors in GM's European arm will be given state support. Opel is asking for €3.3 billion in aid – and up to 25,000 jobs in Germany depend on it, with up to 300,000 jobs across Europe including Saab and Vauxhall (BBC News)Monday 30 March 2009• General Motors' chief executive Rick Wagoner has been ordered to resign by US president Barack Obama with immediate effect. It's part of Obama's administration's critique of GM and Chrysler's turnaround plans – he's understood to be unhappy with the plans submitted (BBC News)• New GM non-executive chairman Kent Kresa has admitted that at the company's next general meeting it will have 'a majority of new directors' (General Motors)• Chrysler will receive US government aid for the next 30 days, but the Obama administration has said that if the company cannot secure a tie-up with the Fiat Group within that time period it will not receive any more money from the taxpayers and could go into liquidation.

Volkswagen Jetta Alltrack crossover possible

Volkswagen is not finished with plans to extend the Jetta portfolio. The suits inside the Wolfsburg, Germany, headquarters are mulling a plan for a crossover version of the future Jetta SportWagen along the lines of the recently introduced Alltrack concept. “We think there is definite sales potential in North America and other world markets for a new lifestyle-targeted Jetta model,” a senior Volkswagen source divulged.

New Mitsubishi Outlander PHEV plug-in hybrid goes on sale. Price from £28,249

The new Mitsubishi Outlander PHEV (pictured) goes on sale in the UK The Mitsubishi Outlander PHEV arrived at the Paris Motor Show in 2012, and although it’s already available in Europe it’s only now going on sale in the UK. And it does offer a compelling package. Mitsubishi say the Outlander PHEV is the most practical vehicle qualifying for the UK’s £5,000 grant for low emission cars, and instead of charging really silly prices for their new plug-in hybrid Mitsubishi have pitched it so buyers pay no more at entry-level (after the grant) than they would for its diesel equivalent.