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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.

2015 Chevrolet Corvette Z06 packs 650 hp, 650 lb-ft of torque

Based on the well-balanced and infinitely enjoyable C7 Stingray, we knew the 2015 Chevrolet Corvette Z06 was destined to be great. And powerful. Only, we weren't sure exactly how great or powerful, since we haven't driven it, and Chevrolet has so far been tight-lipped about the exact output figures.

Jaguar C-X17 crossover revealed at Frankfurt Motor Show 2013 - it's Jag's first 4x4 SUV

Jaguar has revealed the C-X17 SUV concept on the eve of the 2013 Frankfurt Motor Show. It is the first ever 4x4 SUV from the British premium maker and, it says, has officially been created to showcase the flexibility of its new all-aluminium platform. Unofficially, this is a toe in the water from Jaguar, to test reaction to the idea of its first SUV.