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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.

VW's future: Jetta refresh, renamed SportWagen

Michael Horn is new enough to his U.S. assignment that he's still looking for a permanent home in suburban Washington for his family. But Volkswagen Group of America's new CEO hasn't had a moment to waste getting his corporate house in order.

Toyota reveals safety research car at CES

One day before the International Consumer Electronics Show opened its doors in Las Vegas, Toyota took the wraps off the highest-tech Lexus LS ever made. The car -- with spinning sensors and probing lasers galore -- is meant to demonstrate safety features that could be coming to production cars someday soon. Called the Advanced Safety Research Vehicle, it sure looked like some of the autonomous self-driving vehicles we saw at the DARPA Challenge, but Toyota stressed that a robot car is not the goal.