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News watch June 2010: today's auto industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hour Wednesday 30 June 2010• Tesla shares have rocketed 40% on their first day of trading; the company went public this week with the first IPO of an American car company since Ford in the 1950s (BBC News)• GM may sell off its interests in finance arm GMAC and parts supplier Delphi as it seeks to write down its debts (Financial Times)• A Federal judge has approved the $20m sale of a former GM plant in Wilmington to Fisker Automotive; Fisker hopes to build 100,000 cars a year once production hits a peak after launch in 2012. It is using a $529m government loan to fund its launch (Detroit News)Tuesday 29 June 2010• UK business secretary Vince Cable has warned that the car industry is no longer in an emergency – and cannot expect direct government support.

Fornasari Racing Buggy concept

Fornasari, a small independent automaker based in Italy, has recently completed a new 'Racing Buggy' concept, which will be unveiled at the Frankfurt motor show in September. The 2+2-seat concept is a powerful, functional and extreme off-road vehicle with a removable roof and doors. It measures 4350mm long, 2000mm wide, 1720mm high and has a 2750mm wheelbase.

Chrysler’s future will see Lancia back in the UK

Lancia Phedra - to be replaced by a rebadged Chrysler Voyager Now Fiat and Chrysler have had time to sort out what the future holds for their joint future we are starting to see some concrete details emerging from the US. Chrysler revealed its grand five year plan this week and it seems clear that the only Chrysler brand that will see the light of day outside the US will be the Jeep. But even the Jeep is going to find itself endowed with Fiat underpinnings from 2013.