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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.

Cash-for-clunkers gems: Corvettes, Camaros, Mustangs and one infamous Bentley meet the end of the road

By now, the high-profile casualties of cash-for-clunkers are well documented: a Bentley Continental R and an Aston Martin DB7 Volante from 1997 and a 1985 Maserati Quattroporte all perished under the government-funded incentive program. But scratching beneath the surface reveals that scores of everyday enthusiast rides such as Mustangs, Camaros and even some Corvettes met ignominious endings by having their engines destroyed and their bodies crushed. While it’s likely that many of the nearly 700,000 clunkers turned in actually were at the end of their roads, the final report released by the government reveals the demise of plenty of affordable, likely still-fixable cars that could have been enjoyed by collectors of all ages.

Dinner with Bob Lutz: Looking back at nearly 50 years in the car business

Bob Lutz is retiring--again. He has tried this twice before: at Chrysler in 1998 and with his abortive exit from General Motors last year. But this time, at age 78, it may stick, even for the car guy who has operated at the industry's highest levels since the early 1970s.