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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.

Volkswagen hits back, weighs making a bid for Porsche

Volkswagen is considering an audacious reverse-takeover bid for its majority shareholder, Porsche, in a twist in the drawn-out struggle for control between the two German carmakers. The Volkswagen Group's supervisory board is said to be weighing the possibility of purchasing Porsche AG, in a move that would relieve its holding company, Porsche SE, of massive debt that industry analysts suggest the company may not be able to fund should the world's financial crisis drag on well into 2010--a scenario put forward this week by the International Monetary Fund. The secret plan emerged as shareholders were set to convene at Volkswagen's annual meeting on Thursday, and it comes after Porsche revealed that it is carrying some 9 billion euros ($11.73 billion) in debt, most of it owing to interest on loans taken out to purchase its 50.8 percent stake in VW.

Jaguar F-Type Coupe heading for ‘The Special One’ first after UK debut

José Mourinho and the new Jaguar F-Type Coupe The new Jaguar F-Type Coupe seems to have been around for ages already, but last night was actually its official UK launch, despite being revealed at the Los Angeles Auto Show three months ago. Jaguar roped in a number of its ‘Ambassadors’ for the event at East Winter Garden in Canary Wharf including its newest recruit, Chelsea manager José Mourinho, who is due to get the first customer F-Type Coupe in the UK next month. Jaguar took the opportunity to use its latest advert ‘Rendezvous’ featuring Sir Ben Kingsley, Tom Hiddleston and Mark Strong as a trio of villainous Brits that first aired in the US during the recent Super Bowl, to kick proceedings off and add life to the #GoodToBeBad campaign.