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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.

Government promises £140 million for pothole patch-up

AP The government has promised an extra £140 million to help local councils patch up potholes on Britain’s roads. This includes those damaged in the major flooding that occured during Christmas and early February. Local authorities that suffered the worst of the recent flooding will receive £36.5 million to help repair flood-ruined roads, while the rest of the money will be doled out by the Department for Transport (DfT).

BMW reveals Concept M4 coupe at Pebble Beach

BMW's M division has previewed its upcoming M4 coupe with the unveiling of a near-production-ready concept of the new performance coupe at the annual Pebble Beach Concours in Monterey, Calif. The BMW Concept M4 provides a lightly veiled look at the eagerly anticipated M3 coupe replacement that is expected to make its public premiere in production guise at the Detroit auto show in January. North American sales will start before the second half of 2014.