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News watch June 2010: today's auto industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hour Wednesday 30 June 2010• Tesla shares have rocketed 40% on their first day of trading; the company went public this week with the first IPO of an American car company since Ford in the 1950s (BBC News)• GM may sell off its interests in finance arm GMAC and parts supplier Delphi as it seeks to write down its debts (Financial Times)• A Federal judge has approved the $20m sale of a former GM plant in Wilmington to Fisker Automotive; Fisker hopes to build 100,000 cars a year once production hits a peak after launch in 2012. It is using a $529m government loan to fund its launch (Detroit News)Tuesday 29 June 2010• UK business secretary Vince Cable has warned that the car industry is no longer in an emergency – and cannot expect direct government support.

Fiat Americanizes its 500, complete with cupholders

The Fiat 500 subcompact might be Italian through and through, but the U.S. version that arrives in dealerships late this year will cater to American tastes. The American car will have a more powerful engine than the European version, a slightly softer ride and--most important--more substantial, American-style cupholders.

Hybrid Lexus goes endurance racing

By Phil McNamara Motor Industry 03 June 2007 02:35 A track-honed version of Lexus' GS450h hybrid saloon has completed a 24 hour Japanese endurance race. The racer ran the production car's powertrain: a 292bhp V6 petrol engine supplemented by 197bhp from an electric motor. This petrol-electric hybrid delivers the power of a V8, but with combined fuel consumption closer to that of a four-cylinder engine.