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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.

Frugal new entry-level Audi Q3 1.4 TFSI

Audi has launched a new entry-level Q3 1.4 TFSI, available with front-wheel drive only. It’s billed as an alternative to the Audi Q3 2.0 TDI, and so potent is the turbocharged petrol engine, it shouldn’t be seen as a poor relation. On Bing: see pictures of the Audi Q3 Find out how much a used Audi Q3 costs on Auto Trader The Q3 1.4 TFSI develops 150hp between 5,000 and 6,000rpm, and maximum of torque of 184lb ft from 1,750 to 3,000rpm.

Toyota pedal recall batters reputation

In the past 24 hours, the storm swirling around Toyota has intensified, battering its prized reputation for quality. The latest moves: -- Toyota added another 1.1 million vehicles to those recalled to modify accelerator pedals that may get stuck under the edge of the floor mat. Toyota has now recalled a total of 4.3 million vehicles for this issue.