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Crunch watch June 09: the auto industry in crisis

By Tim Pollard, Ben Pulman and Peter Adams Motor Industry 30 June 2009 11:35 Welcome to CAR's news aggregator as we round up the seismic change in the auto industry. Top tip: news summaries are added from the top hour-by-hour  Tuesday 30 June 2009• Porsche says it is no longer applying to the German Kreditanstalt für Wiederaufbau central bank for a €1.75 billion bridging loan. This means it'll now have to seek finance elsewhere (Porsche) • Seat announces its best-ever month for used car sales; it sold 915 second-hand cars in May (Seat)Monday 29 June 2009• Jaguar Land Rover has opened its first showroom in India.

Daimler agrees to unload remaining Chrysler stake

Daimler AG announced today that it has reached an agreement to unload its remaining 19.9 percent stake in Chrysler LLC. "Daimler's remaining 19.9 percent shareholding in Chrysler will be redeemed, and Daimler will forgive repayment of the loans extended to Chrysler, which were already written off in the 2008 financial statement," Daimler said in a prepared statement. All told, Daimler will write off $700 million as a result of the deal, according to the statement.

British Grand Prix 2011: Button and Hamilton's video guide

Where will you be Sunday lunchtime? Anyone who's even remotely interested in Formula One will be in front of the TV getting psyched up as 12 F1 teams take to the world’s fastest circuit.  Yes, 15 weeks in and 22 of the finest F1 drivers will be lining the grid, thinking about how they will tackle Abbey, the first right-hand corner, the fastest corner on the track where the drivers experience a peak G-force of 4.8g and over 4g for 1.3 seconds! At which point the car is experiencing two and a half times its weight in downforce through the corner.