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News watch October 2012: today's 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-hou Wednesday 31 October 2012• It's emerged GM's European 2012 earnings are down nearly half a billion dollars in Europe, where it now expects to lose $1.5bn to $1.8bn before interest and taxes for the full year (DetNews)• Ford has posted a third-quarter net profit of $1.63bn (£101bn) - almost matching its eventual profit total for the entire year 2011. Despite painful losses in Europe (Ford expects to lose $1bn in Europe alone this year) a resurgent North American market has buoyed Fords sales even higher than previous forecasts (Automotive News Europe)• Fiat CEO Sergio Marchionne has weighed in against Republican presedential nominee Mitt Romney, who argued that a move towards Chinese production would harm American jobs.

Drayson breaks electric land speed record - Video

The Drayson Racing Technologies Lola B12/69 EV electric race car hit a top speed of 204.2 mph at a racetrack at RAF Elvington in Yorkshire, England, smashing the previous record of 175 mph set by Battery Box General Electric in 1974. Fittingly, Lord Paul Drayson was behind the wheel. In order to qualify for the attempt at the electric land speed record, the vehicle had to weigh less than 2,204 pounds (1,000 kg) without the driver.

Who's where: Luc Donckerwolke named Design Director at Bentley

Luc Donckerwolke has been named Design Director of Bentley in the latest round of moves within the Volkswagen group, replacing Dirk van Braeckel. Donckerwolke moves from Head of VW Advanced Design, a post he has held for little over a year. He is perhaps most renowned for his work at Lamborghini, overseeing the designs of both the Gallardo and Murcielago – two of the most successful and enduring Lamborghinis ever – during his time in Sant'Agata.