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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.

Fiat previews the 500X small crossover

Fiat gave an unexpected sneak preview of a crossover variant of its 500 minicar. The model, which will be called the 500X, will go on sale in Europe in early 2014 and shortly after in North America. Fiat brand global boss Olivier Francois showed a full-size styling model of the 500X during the media launch on the 500L small minivan in Turin, Italy, on July 4.

2011 BMW 5-series: Bavaria's midsize sedan takes cues from bigger 7-series brother

BMW's appetite for controversial design may have waned since the heights of former design boss Chris Bangle's oft-derided flame surfacing stratagem. But it shows no sign of fading completely, as we see in the first official photographs of the new sixth-generation 5-series, which goes on sale in North America by mid-2010. Codenamed F10, BMW's midsize sedan is restyled and reengineered in a bid to keep it ahead of key rivals such as the recently renewed Mercedes-Benz E-class and the Audi A6.