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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.

McLaren F1 GTR up for auction at the Quail

Six-hundred horsepower seems rather paltry figure these days. Sure, it was big stuff when Ferrari introduced the 599 more than a half-decade ago. But these days, Ford will sell you a lowly Mustang with 650 ponies and a factory warranty.

BMW 5-Series GT introduces liftback model

BMW will bring the elevated seating and packaging of an SUV to its 5-series line with the addition of a liftback model called the Grand Turismo or, simply, GT. The automaker is now revealing the production look for the vehicle, which will debut at this fall's Frankfurt motor show after having been previewed as a concept car at the Geneva show in March. It will go on sale in the United States in December, priced in the low-$70,000s range.