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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.

The big prize awaits on the Autoweek America Adventure

It is the last morning of the Autoweek America Adventure, as I write this. Our traveling circus heads toward the big top in an hour or so, and we should be in Las Vegas before noon. There is anticipation in the air, unlike other rallies I've attended, as this one has a significant main prize: a 2011 Mopar Charger will be given to one lucky contestant on the stage at the Specialty Equipment Market Association convention.

Jaguar XF Sportbrake NOT going to the U.S. – NO V8, no 4WD

Jaguar XF Sportbrake - not going to the US The new Jaguar XF Sportbrake – revealed yesterday and heading for Geneva – will not be sold in the U.S. and there will be no V8 or 4WD versions. We finally got the reaveal of the Jaguar XF Sportbrake yesterday after months of tease, and a good-looking, well thought out estate it seems to be.