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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.

New Hyundai i30 goes on sale in the UK

The new Hyundai i300 arrives in Hyundai UK Showrooms The new Hyundai i30 (2012) was revealed at last year’s Frankfurt Motor Show and has now arrived in Hyundai UK showrooms. It seems like a long time since Hyundai revealed the new i30 at the Frankfurt Motor Show, but it’s actually only six months; time enough to get the news out before the new i30 lands in showrooms, which it does in the UK from today. In many ways the new Hyundai i30 is the most convincing model yet from Hyundai’s increasingly confident offerings, and looks set to go head to head with VW and Ford for the hearts and minds of family car buyers in the UK.

New Ford Kuga (2012) to debut at Los Angeles Motor Show

2012 Ford Kuga / Escape to debut at Los Angeles 2011 - based on the Vertrek Concept (above) Yes, strictly speaking the debut of the new Ford Kuga at the Los Angeles Motor Show in November is actually for the 2013 Ford Escape. But in the new ‘One World’ of Ford the new Escape – based on the Ford Vertrek Concept from this year’s Detroit Motor Show – will, with just a few changes, become Europe’s new Ford Kuga. What makes it even more certain that the Escape is much the same as the Kuga will be is news on the engines.