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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.

Honda cancels V8 program, S2000 and CR-Z convertible, report says

Fun appears to be on the chopping block at Honda. Plans for the successor to the S2000 sports car, a lineup of rear-drive Acuras, a proposed V8 engine and a drop-top built off the CR-Z hybrid are all dead, according to a report in a British magazine. The reason: Honda is rethinking its product plans as it grapples with the global downturn in sales and economic conditions, Autocar is reporting.

Hyundai sees 10 percent mpg gain from its first direct-injection engine

Hyundai Motor Co. on Tuesday unveiled its first direct-injection gasoline engine, saying it delivers more power with a 10 percent improvement in fuel economy. The 2.4-liter engine, called the Theta II, will debut in the redesigned Sonata sedan, due in U.S.