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Crunch watch June 09: the auto industry in crisis

By Tim Pollard, Ben Pulman and Peter Adams Motor Industry 30 June 2009 11:35 Welcome to CAR's news aggregator as we round up the seismic change in the auto industry. Top tip: news summaries are added from the top hour-by-hour  Tuesday 30 June 2009• Porsche says it is no longer applying to the German Kreditanstalt für Wiederaufbau central bank for a €1.75 billion bridging loan. This means it'll now have to seek finance elsewhere (Porsche) • Seat announces its best-ever month for used car sales; it sold 915 second-hand cars in May (Seat)Monday 29 June 2009• Jaguar Land Rover has opened its first showroom in India.

Luxury car price crash in China

Mercedes in China offering 25 per cent discounts on S Class Mercedes, BMW and Audi are having to offer discounts of up to 25 per cent on luxury cars in China to shift stock. The huge Chinese car market has been seen as a sales salvation for Western car makers; the automotive equivalent of shooting fish in a barrel. But it looks like that’s all changing, particularly at the luxury end of the market.

Jaguar F-Type to get V8 engine option

The Jaguar F-Type will get a V8 powerplant in addition to a supercharged V6 when it launches in 2013, Autoweek has learned. The much-anticipated two-seat sports car was confirmed in April at the New York auto show. Jaguar then elaborated weeks later at the Beijing motor show that the F-Type would get a supercharged 3.0-liter V6 pushing out 380 hp.