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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.

Former Ford exec Theodore shows off lighter chassis at SAE

Automakers are facing tougher government regulations for fuel economy, and one former Ford and Chrysler executive says he has a solution Chris Theodore, best known for his work on the Ford GT and Dodge Viper, has designed a vehicle chassis that he says will provide automakers with weight savings, cut manufacturing costs and make electric vehicles more economically viable. Theodore is showcasing his proof-of-concept Uni-Chassis at the SAE World Congress this week. It uses the powertrain and suspension of the GT, under an agreement with Ford.

Famous family reminds parents of teen driving responsibility

Parents are legally and financially responsible for teens once they get behind the wheel, and no one knows that better than former pro wrestler Hulk Hogan. In 2007, Nick Bollea, the son of Hogan (born Terry Bollea), made news when he was arrested for reckless driving after a near-fatal accident. Nick Bollea was reportedly racing his friend from light to light in a 1998 Toyota Supra owned by him and his father, while his friend Daniel Jacobs was driving Hogan's 2003 Dodge Viper.