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Crunch watch Mar 09: the auto industry in crisis
Tue, 31 Mar 2009By 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.
Corvette Z06 (2015) official power stats revealed
Mon, 09 Jun 2014By Michael Karkafiris Motor Industry 09 June 2014 13:38 The new Corvette Z06 is officially GM’s most powerful product as it finally announces the vital stats: 641bhp and 650lb ft from the supercharged LT4 6.2 V8. This means that the new model is not only more powerful than the previous one (of course it is), but it beats also the crazy C6 ZR1 as well, putting it on a par with true exotics, at least when engine figures are concerned. GM says that 0-60mph takes under 3.5sec.
Ford announces new Kuga models
Mon, 01 Dec 2008Slotting in as the base model is a 2wd 2.0 TDCi which has a Co2 output of just 159g/km. This is a crucial point for businesses when the regulations change in April 2009. By coming in at under 160g/km the new Kuga will be eligible for a 20% writing down allowance, as opposed to the 10% for cars over 160g/km.