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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.

Koenigsegg Agera R: Geneva bound

The first Koenigsegg Agera R - produced for the Oman Royal family This time last year – give or take a week or two – we heard a whisper that Koenigsegg had something new planned for Geneva. A day or two of furtling around and we were able to report a week later that Koenigesegg were indeed taking something new to Geneva – the Koenigsegg Agera. The Agera duly turned up at Geneva in March and the last year has seen a number of orders for Ageras, although so far – to the best of our knowledge – just two Ageras have been delivered.

Carbon Corvette Z06 is headed to Barrett-Jackson auction in April

You certainly didn't expect to pay sticker for the first Chevrolet Corvette Z06 Carbon limited edition off the line, did you? Carbon Corvette No. 1 will cross the block on April 3 at the Barrett-Jackson auction in Palm Beach, Fla., and like previous limited-run Chevys, this will definitely create a stir.