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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.

Jaguar XKSS Heaven

12 Jaguar XKSS together at Pebble Beach (click for bigger image) Jaguar what, I hear you ask? The Jaguar XKSS is the roadgoing version of the legendary D-Type Jaguar and the precursor to the Jaguar even my mum knows –  the Jaguar E Type (or Jaguar XK-E if you’re on the other side of the Pond). So what’s so special about the Jaguar XKSS, then?

Kia K9 launches in Korea

Kia K9 launches in Korea Kia’s new range-topping saloon car – the Kia K9 – has launched in Korea and will launch overseas – with a new name – later in 2012. Kia’s most impressive – and certainly most ambitious - new car has launched in Korea and goes on sale today. But it’s extremely unlikely, even with a change of name from Dr Who’s robotic dog, that we’ll see it in the UK.