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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.

Seat completes industry's largest solar panel installation

SEAT HAS completed construction of the largest solar panel installation in the automotive industry. The huge 'Seat al Sol' array at the firm’s Martorell plant outside Barcelona is the size of 40 football pitches and generates 15 million kilowatt hours of power per year courtesy of the reliable Spanish sunshine. The electricity produced is enough to account for a quarter of the amount needed to build a year’s allocation of Leons, reducing the factory’s energy bills significantly and saving 7,000 tonnes of CO2 per year.

Used car buyers warned against friends' advice

USED CAR buyers are being cautioned against taking advice from friends when buying their next car. Many misconceptions are passed on by well-meaning friends and, says used car history experts at HPI, this can lead to buyers losing money on their next car. There are five myths that many used buyers believe, says HPI.