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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.

Driven: Chevrolet Cruze Hatchback

The C-segment is one of the most important sectors of the automotive market, with every mainstream manufacturer having at least one car competing within. From Alfa Romeo's Giulietta through to the Lexus CT200h and Volvo's C30, there really is a car for everyone. So, in a potentially saturated marketplace, what can a Chevrolet hatchback offer above and beyond a nostalgic name and a tenuous link to an American heritage?

Virtually sit in the new Corvette Stingray

We're not sure how this awesome 360-degree look at the new Corvette interior flew under our radar for so long, but we're loving the full driver's view of the 2014 Stingray taken at the Chicago Auto Show. The massive improvements in the Corvette's interior are on full display, with the red leather and carbon-fiber accents adding just the right amount of Bad MoFo to what's an otherwise luxurious cockpit. Stay tuned: We're expecting to get our hands on the new Corvette this summer, and we'll bring you a full drive report as soon as we wipe the grins off our faces.