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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.

Bugatti sell their 400th Veyron – just 50 left to go. But what next for Bugatti?

The 400th Veyron – a Grand Sport Vitesse Jean-Pierre Wimille Special Edition Bugatti may have come to rely on ‘Special Edition’ Veyrons to keep making sales, but they’re now getting close to the end of their production run. The Veyron – which debuted in 2005 – is limited to a total of 300 coupes and 150 Roadsters, and all the coupes are long gone with just the Roadsters left to finish their run, and only 50 of are those left to sell. Not surprisingly, the 400th Veyron to be sold – the latest Veyron Grand Sport Vitesse Jean-Pierre Wimille Special Edition – went to a client in the Middle East at a hefty €2.14 million which, at a rates of around one a week sold for the last eight years, means the Veyron will be consigned to the Bugatti history book by the end of 2014.

Elio three-wheeler claims 672 miles on one tank of fuel

Elio Motors thinks its new three-wheeled vehicle will be the next big thing in transportation. Before your eyes roll out of your head, let's look at the claims. Top speed -- more than 100 mph.