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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.

Tesla Model S battery fire inquiry closed by NHTSA

The National Highway Traffic Safety Administration said it closed a three-month-long investigation of fires in the Tesla Model S this week, as Tesla announced a design change to better shield the electric car's batteries. Tesla Motors Inc. said today it has started building the Model S with a titanium underbody shield to prevent battery fires like the two that occurred in the United States last year when Model S drivers struck road debris.

Cadillac introduces ATS Crimson Sport Edition

The already sleek Cadillac ATS will get a limited-production Crimson Sport special edition this spring. The deep red exterior metallic paint is just one of the upgrades to the standard ATS. Inside the Caddy, four unique interior options will be available: red with black accents, caramel with black accents, black on black and platinum with black accents.