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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.

Nissan Juke-R – first picture

Nissan Juke-R - the first official picture from Nissan With all things in the car world seemingly focused on fluffy bunnies and green halos, it’s great to see Nissan pushing the envelope at the other end with the Nissan Juke-R, a bonkers version  of Nissan’s compact SUV with the heart of Godzilla – the Nissan GT-R. We first reported the Juke-R – which we dubbed ‘Super Juke’ - at the end of last month when we didn’t know whether the Juke-R would be a one-off or a production model. But within weeks Nissan had come out and confessed our Juke-R story was real and that they really were working on a monster Juke with the heart of a Nissan GT-R.

Ford's legendary Mustang turns 50

THE ICONIC Ford Mustang has reached its 50th birthday and the largest gathering of racing models ever in the UK is being planned to mark the occasion. More than 25 race-prepared Mustangs are being assembled for the Silverstone Classic event on 25-27 July. Among the cars entered for the race there are several famous models from the cars early days in the 1960s, as well as many that are regularly raced today in historic competitions.