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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.

UK drivers risk Euro fines

ONE IN FIVE drivers from the UK risks being fined when travelling in Europe due to not carrying the correct travel kit. Laws in Europe vary between countries but most demand every car has a warning triangle in case of a breakdown. In a survey by the AA, it found a third (37%) of British drivers did not know they needed to carry a high visibility jacket to comply with French law.

Lotus Elise Club Racer for Frankfurt

The special edition Lotus Elise Club Racer in Old English White The Elise Club Racer is based on the entry level Elise, which endows it with Toyota’s 1.8 litre engine and five-speed ‘box, delivering 0-60 mph in 5.7 seconds and a top speed of 127 mph, and manages to average 37.2 mpg. Lotus has utilised its historic colours to pretty-up the Club Racer, so you get a choice of Elite Yellow, Carbon Grey, Sky Blue and Old English White for tha paint job – all 1960s Lotus colours. The exterior body colour is carried over to the interior, where the transmission tunnel colour mirrors the exterior together with silver and black highlights.