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News watch July 2012: 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 Tuesday 31 July 2012•Porsche SE recorded a first half profit of €1.15bn, in comparison with €149m for the same period in 2011. The enormous jump has come not from directly selling cars, but from the group's investments in Porsche Zwischenholding GmbH and Volkswagen AG (Porsche SE)•Reuters suggests Germany's car market is in recession, but few outside the industry would know it, thanks to a controversial sales practice that inflates official statistics and paints a flattering picture of demand.

McLaren SLR Stirling Moss lives up to hype as "Mercedes Menace"

Where to start? That’s the question when confronted by the amazing Mercedes-Benz McLaren SLR Stirling Moss. No matter how often you’ve seen it in pictures, nothing prepares you for the impression the low-slung two-seater leaves as it hovers into view and you get the key for a world-exclusive drive.

New Peugeot 108 set for 2014 Geneva Motor Show debut

Peugeot is on a bit of a roll right now. The Peugeot 208 is a consistent top ten seller in the UK, and the all-new 308 is a highly credible alternative to the Volkswagen Golf. And now - or rather, next month at the 2014 Geneva Motor Show – there’s the new Peugeot 108 city car.