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.

Gemballa MIG-U1: how to ruin your Ferrari Enzo

Gemballa is infamous for tweaking Porsches – it calls the process of producing 740bhp Cayennes ‘refining’ – but now the German tuner has turned is attention to Ferrari. And Uwe Gemballa and his team have started right at the top: the Gemballa MIG-U1 is actually a Ferrari Enzo. It’s Max Power for millionaires.  Power increases aren’t key here – instead it’s the new aero package that Gemballa is most proud of.

Jaguar executive O'Driscoll to retire in March

Mike O'Driscoll, the managing director at Jaguar Cars, has announced his plan to retire at the end of March 2011. O'Driscoll, 54, moved to the United Kingdom to lead the company's brand after Ford announced its plan to sell Jaguar and Land Rover. While there, he managed the introduction of the XF, the XK, and the XJ.