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.

Aston Martin adds glamour to Lord Mayor's Show

FAMOUS British brand Aston Martin brought some extra glamour to the capital at the weekend as the firm took part in the historic Lord Mayor's Show. A selection of its sports cars joined the three-and-a-half-mile-long cavalcade at the invitation of The Worshipful Company of Coachmakers and Coach Harness Makers of London, which selected Aston Martin to participate in its centenary year. The Aston Martins, which included a Vanquish Coupe dressed in the unmistakable Union Jack-inspired livery of the UK Government’s GREAT Britain campaign, made their way through the capital’s packed streets as an estimated half million spectators looked on.

BMW M3 GTS Revealed +video

The new BMW M3 GTS - launches in May 2010 The idea of the stripped out and very quick M3 has been on the cards for a while. Rumours went round about an M3 CSL or an M3 GT. But now we know.