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News watch December 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 Monday 31 December 2012• Despite reports earlier this month that shareholders valued Mercedes-Benz at half that of its luxury rival BMW, Mercedes CEO Dieter Zetsche has remained bullish about his ambitious targets for the carmaker's growth. 'I am confident that we will be ahead of our rivals by 2020 at the latest,' he told German newspaper Boersen-Zeitung in an interview.

Recall under way on 2013 Ford Escape to fix faulty fuel line

Ford is recalling the redesigned 2013 Escape SUV with the 1.6-liter engine to fix a fuel line that could break and lead to a fire. The automaker is telling owners of the recalled SUVs to not drive their vehicles and has told dealers not to sell units they have in stock. Ford says about 11,500 copies of the 2013 Escape with the 1.6-liter engine and the faulty fuel line in the engine compartment were built.

Honda to field seven entries at Pike’s Peak

Honda will join the 2014 Broadmoor Pikes Peak International Hill Climb as a sponsor and a competitor, the company said on Thursday. The company will run five cars up the hill, in addition to a motorcycle and an ATV. "Pikes Peak presents us with a unique opportunity to showcase Honda's diverse product lineup as we work to further strengthen Honda's presence in racing at all levels," said Art St.