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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.

Monterey in a Mulsanne – a Bentley mission to Pebble Beach

After a ten-and-a-half-hour flight from London, the idea of steering headlong – and solo – into the early Los Angeles rush-hour traffic in a five-and-a-half-metre-long, left-hand drive Bentley Mulsanne (worth some £230,000 with extras) and on the other side of the road to which I am familiar, might seem a little daunting. But as soon as I sink into the super saloon’s big leather seats, Bluetooth my iPhone to stream some music via the Naim premium audio, turn up the air-conditioning and press the accelerator gently, all becomes well. LAX Airport may be my starting point but the final destination is the Monterey Peninsula towards San Francisco, some 400 miles northward, for the world-famous annual classic car show Pebble Beach.

Henrik Fisker wants to buy back Fisker

The resignation of Henrik Fisker in March from the eponymous company he worked so hard to build in to a credible ‘Green’ car company precipitated the meltdown of Fisker, which now stands on the edge of bankruptcy over $171 million owed to the US government. But Henrik Fisker has a plan. He’s teamed up with Hong Kong billionaire Richard Li – a Fisker investor – to try and buy the US government debt and save Fisker from being crushed by bankruptcy.