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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.

Bernie keeps Williams F1 afloat

These are troubled times for Formula 1. Honda, rich as it is, has bailed out of F1 and is still looking for a buyer. Other teams are struggling to make a budget that adds up, despite the backing of billionaires and car manufacturers.

McLaren P1 GTR (2015): 986bhp track-only P1 to be unveiled at Pebble Beach

By John Mahoney First Official Pictures 25 July 2014 14:03 McLaren has confirmed it will unveil a track-only version of the P1 supercar at Pebble Beach Concours d’Elegance on Friday 16 August2014. Called the P1 GTR, McLaren’s take on the ultimate track day weapon is not street legal and gets 83bhp more than the standard P1, boosting power to 986bhp. The teaser image, released ahead of Pebble Beach, hints at the huge changes engineers have made to the more powerful, tracksuited P1.