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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.

2013 BMW M5 facelift & new M6 get Competition Package

The BMW M5 (left) & M6 with new Competition Packacge But the 2013 BMW M5 – and its coupe sister, the BMW M6 – will also be getting a Competition Package option for 2013, which is probably more interesting than the minor tweaks to the 2013 5 Series. The Competition Package adds more power to both the M5 and M6 – a whole 15bhp, taking it up to 567bhp – enough to improve the 0-62mph by 0.2s on both M5 and M6 as well as re-tuned dampers and springs – which lower ride height on the M5, but not the M6 – stiffer anti-roll bars, new M Diff and an improved Dynamic Mode which should allow you to play a bit more. On the cosmetic front, just like the 5 Series facelift, you’ll have to look quite hard to see what the Competition Package adds, but you do get a black finish on the tail pipes and a slightly different set of 20″ alloys.

Yet another Kia Compact Crossover Concept heading for Frankfurt 2013

Yet another Kia Compact Crossover Concept (pictured) heading for Frankfurt We do seem to have had something of a run of concepts from Kia lately – particularly Compact SUV/Crossover Concepts – but none seem to be heading for production. Already in 2013 we’ve had the Kia Provo Concept, which looked like a suitably funky urban warrior to take on the market the Nissan Juke made its own, even if the ‘Provo’ name caused publicity-seeking politicians to spit and stomp. Following close on the heels of the Provo came the Kia CUB for the Seoul Motor Show (note the cuddly name – Kia didn’t want to shoot themselves in the foot again) which, although entirely convincing, just looked like yet another urban warrior compact crossover/SUV.