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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.

Porsche 911 Targa revealed at 2014 Detroit Motor Show

Porsche has revealed an amazing retro-inspired new 911 Targa at the Detroit Motor Show – an open-top model that boasts a ‘wide bar’ look almost identical to the Targa style that went out of production two decades ago. First introduced back in the 1960s, Porsche’s return to the original Targa style has been combined with modern electrically-opening roof technology… and with models arriving in showrooms from this May, it’ll be an on-road retro reality before you know it.

Aston Martin DBS

Aston Martin has shown pictures of the next Bond car, the DBS. Based on the DB9, the DBS is more muscular and sits menacingly on polished 20" wheels. Additional inlets on the sill, hood and bumper also connect the car with the DBR9 racing car, their depth more powerfully planting the car on the road.