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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.

Porsche Design marks 40th birthday with exhibition

40 years of Porsche Design is being celebrated in an exhibition at the Porsche Museum in Stuttgart, Germany. The Porsche Design Studio was founded in 1972 by automotive legend Ferdinand Alexander Porsche – better known for his design of the iconic Porsche 911 – and has since developed consumer products for the public. Porsche designed a number of classic men's accessories such as watches, sunglasses and pens as well as a number of industrial products and household appliances, collecting honors and awards along the way.

Rolls Royce to set up shop in South America

Rolls Royce showrooms planned in South America The paradox of the current economic malaise  is that luxury goods – and luxury cars in particular - seem immune from the problems of the mainstream. Rolls Royce – to many still the epitome of luxury motoring – is doing very well, and is now planning an expansion in to South America. The cynical may say that Rolls Royce want a piece of the drug money floating round South America in their coffers, but South America is far more than a bunch of drug barons freely spending illicit cash.