2004 Toyota Camry Trunk Lid Chrome Trim, License Plate Light Latch on 2040-parts.com

News watch July 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 Tuesday 31 July 2012•Porsche SE recorded a first half profit of €1.15bn, in comparison with €149m for the same period in 2011. The enormous jump has come not from directly selling cars, but from the group's investments in Porsche Zwischenholding GmbH and Volkswagen AG (Porsche SE)•Reuters suggests Germany's car market is in recession, but few outside the industry would know it, thanks to a controversial sales practice that inflates official statistics and paints a flattering picture of demand.

BMW 1-series M Coupe (2011) official teaser video

This is the new BMW 1-series Coupe, the next car to come out of BMW’s famed M Division. Just ahead of the launch of the M3 GTS (a stripped-out, track-focussed M3 with an enlarged 4.4-litre V8), BMW has released this teaser video of its next M car, the 1-series M Coupe Nope, that name is reserved for BMW’s legendary supercar, but it should still be pretty tasty. We hear there’s a 3.0-litre twin-turbo straight six under the bonnet, producing somewhere around 350bhp, and an M Division-spec interior, while this video shows off the chunky bodykit with a deep front bumper and four exhausts.

Russo and Steele's Arizona auction closed Friday as weather wreaks havoc

The Russo and Steele auction site in Scottsdale, Ariz., was closed Friday morning--and may not open to the public at all during the day--as city and auction officials assess damage after high winds Thursday night ripped tents from their anchors and damaged several cars. Scottsdale police were not letting anyone into the site as collapsed tents and metal beams remain a hazard. One person was treated for minor injuries.