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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.

New Honda NSX: Time to raid the piggy-bank as the order book opens in the UK

The new NSX got its first outing at the Detroit Auto Show in 2012 and is being developed by Honda in the US with the aim of producing a ‘green’ supercar with advanced environmental performance without sacrificing on-road performance. The 2015 NSX will not only be designed in the US, but built there too The new NSX gets a mid-mounted direct-injection V6 which drives power through Honda’s Sport hybrid SH-AWD system with 2 electric motors that can apply positive or negative torque to the front wheels during cornering which, say Honda, will deliver handling unmatched by other all-wheel-drive systems. Phil Crossman, Honda’s UK MD, said: We are really pleased with the interest we’ve already seen for the new NSX. We are still two years away from the launch of the car and yet we’ve received over 20 deposits and that’s before we’ve even announced prices or seen the final production car.

Mazda outlines weight-loss program

Mazda Motor Corp. will reduce its vehicle weights by at least 220 pounds beginning in 2011, with a combination of lighter-weight materials, smaller vehicle footprints and new engineering processes, a top executive says. The typical Mazda vehicle has gained 80 pounds with each successive redesign, “mostly in larger tires and wheels, and safety equipment,” said Robert Davis, senior vice president of product development and quality for Mazda North American Operations.