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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.

Pagani Huayra: In the U.S by 2013 say Pagani

Pagani Huayra - now heading for the USA in 2013 At the weekend we broke the news that Pagani were not going to be able to take the Huayra to the US for the foreseeable future, as they’d had their application for a Temporary Exemption from Advanced Air Bag Requirements denied by the DOT. Which we’ve known was likely for months. So we asked why Pagani continued with its US launch and continued taking orders for cars it knew, almost certainly, it wouldn’t be able to complete.

Aston Martin One-77 tops 220mph in testing

The Aston Martin One-77 tops 220mph in testing We saw the Aston Martin One-  77 all over the place last year. It turned up Geneva, at Villa D’Este in the summer and the One-77 was also to be seen at Salon Prive in July where our leader spent time checking it out together with celebrity petrol-head JK. But it’s gone a bit quiet on the One-77 front lately as Aston Martin work to iron out the wrinkles before the One-77 starts to hit the roads in the Summer.