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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.

Chevrolet Camaro ZL1 gets $54,995 base price

The high-performance Chevrolet Camaro ZL1 will carry a base sticker price of $54,995 including shipping charges when it goes on sale next spring as a 2012 model. That's more than double the sticker price of a base 2012 Camaro coupe, which starts at $24,100 including shipping charges, and more than a base 2012 Chevrolet Corvette coupe, which starts at $50,500. The 2012 Camaro ZL1 packs a supercharged 6.2-liter V8 rated at 580 hp and 556 lb-ft of torque.

Opel takes Adam racing (2012) first official pictures

Vauxhall/Opel has built its new Adam city car around the idea of chic street-cred, but it's now given the Mini Cooper rival a healthy dose of motorsport pedigree as well. An international rally series is being readied for the Adam, where competitors will use a race-prepped version of the city car. A well-specced Adam...with a difference The regular Adam is pitched as a blank canvas for buyers to individualise, with 22 different alloy wheel options, 12 dashboard colour choices, and the option of a Rolls-Royce style fairy-lit roof lining.