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News watch October 2011: 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-hourMonday 31 October 2011• The two companies planning to buy Saab - China's Youngman and Pang Da - have agreed to pay a €50 million bridging loan, court documents show. And they are pledging €610m in long-term funding from 2012, according to ANE (Automotive News Europe)  • Martin Winterkorn, the CEO of the Volkswagen group, says he is pleased with the performance of Seat and Skoda.

Ferrari black: Prancing Horse turns a profit in first quarter

Ferrari racers have always worn red. But black has been the standard-bearer for the company so far this year, as the Prancing Horse turned a $72 million trading profit in the first quarter. Making money amid the global economic crisis is no small feat--and Ferrari posted the gain despite a slip in sales and revenue.

Renault Clio & Megane World Series Special Edition launched

Renault has released World Series Limited Editions of the Clio and Megane The World Series Limited Editions are based on the Dynamique trim level, but throw in a chunk of extra kit to make these World Series Limited Editions. The Renault Clio World Series gets side skirts, an extended front spoiler, new back bumper and the required ‘WSR’ badges. You get an engine choice – the 1.2 litre 75, the nTCe 100 or the dCI oil-burner.