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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.

It's Corvette Summer, come along for the ride

One-hundred-octane blood flows through my veins. But nothing revs my engine quite like the Chevrolet Corvette. It's my dad's fault.

Toyota recalls 6.58 million cars – 35,000 in the UK

The Toyota Yaris (pictured) – one of the Toyotas recalled It seems Toyota has decided its dealer service centres aren’t busy enough, so it’s revealed a massive series of recalls for 6.58 million Toyota’s around the world – and 35,124 in the UK – to fix a raft of problems. The cars affected are the RAV4, Hilux, Yaris and Urban Cruiser models, and although no accidents or injuries have occurred as a result of the problems, Toyota are taking no chances. The Rav4 and Hilux models are being recalled to fix a spiral cable assembly in the airbag module where the shape and location of a retainer for the flexible flat cable could damage circuitry when the steering wheel is turned.