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News watch June 2010: today's auto industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hour Wednesday 30 June 2010• Tesla shares have rocketed 40% on their first day of trading; the company went public this week with the first IPO of an American car company since Ford in the 1950s (BBC News)• GM may sell off its interests in finance arm GMAC and parts supplier Delphi as it seeks to write down its debts (Financial Times)• A Federal judge has approved the $20m sale of a former GM plant in Wilmington to Fisker Automotive; Fisker hopes to build 100,000 cars a year once production hits a peak after launch in 2012. It is using a $529m government loan to fund its launch (Detroit News)Tuesday 29 June 2010• UK business secretary Vince Cable has warned that the car industry is no longer in an emergency – and cannot expect direct government support.

Ford's forgotten T-Drive program

Digital boss Andy Stoy recently passed along this little piece of nearly forgotten Ford history from the early 1990s. We know that our girl Murilee Martin dug this up way back in 2010, but the wonder of the Ford T-Drive system is worth revisiting. According to Drivingenthusiast.com, “T-drive is a system consisting of a transversally located inline engine, a transmission and associated packaging.” The transmission is mounted to the side of the engine, or the back, depending on how you look at things.

Concept Car of the Week: Ford Mustang RSX Concept (1979)

In the late ‘70s, Ford commissioned carrozzeria Ghia to build a concept car based on the Fox platform to help promote its third generation Mustang. Probably inspired by the Escort RS's success at the World Rally Championship, the concept was dubbed RSX – standing for Rally Sport Experimental – and the Fox platform-based Mustang was modified as a rally car. To improve the handling, the wheelbase from the Fox was shortened by 142mm, the track was widened by around 25mm at the rear while the ride height was increased for off-tarmac stages of European rallies.