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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.

Mazda Kazamai concept: first pictures

By Ben Pulman First Official Pictures 15 July 2008 10:42 Mazda will use the August 2008 Moscow motor show to unveil its new crossover concept, the Kazamai. Japanese for ‘swirling crosswinds’, the Kazamai is Mazda’s latest concept car to showcase the company’s Nagare design language. But alongside the wind-inspired looks, the four-wheel drive Kazamai is also said to showcase Mazda’s ‘sustainable zoom-zoom’ strategy, with the company’s latest-generation engine and transmission.

AUCTION GOES BANANAS FOR CLASSIC VW

A VINTAGE 1950s Volkswagen Beetle owned by a pensioner will go under the hammer at an auction later this month. The classic car, which has picked up a number of awards, is expected to fetch around £9,000 when it appears alongside a selection of rare art and antiques in the McTear's Collectables sale in Glasgow on September 29. The 1953 Beetle, which is a 1200 Deluxe model, has been in the hands of 72-year-old Willie Black since 1966, the same year that VW gave it the Best Beetle in Britain accolade.