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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.

McLaren F1 GTR sells for record amount in Scottsdale

One of the most successful McLaren F1 GTR race cars sold at the Gooding & Co. Scottsdale auction over the weekend, bringing in $5.28 million. This 1997 F1 GTR is one of 10 longtail cars built for the 1997 FIA GT season, and it's one of only 28 made in GTR-competition specification.

Citroen C-XR concept looks like Citroen’s take on the Peugeot 2008: Beijing Motor Show

The Citroen C-XR Concept (pictured) debuts in Beijing The Citroen DS 6WR was revealed last week as a new SUV heading for the Beijing Motor Show, but it turns out it’s not the only Citroen SUV making a debut in Beijing. The Citroen C-XR concept – a creation of the joint venture between Citroen and China’s Dongfeng – has also been revealed as a compact SUV / Crossover, and looks like the Citroen take on the Peugeot 2008. With styling that says more SUV than Crossover – added butch bits, wide chunky nose and a statement grill – the C-XR looks production-ready, and although Citroen has done what it can to make the C-XR look like a proper SUV it appears it won’t be getting 4WD.