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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.

BMW M5 Competition Package (2013) first official pictures

BMW has updated the M5 super-saloon alongside the facelifted 5-series range. There are only tiny visual tweaks, but the big news is a new Competition Package version to take the fight to the new Mercedes E63 AMG S. What modifications do M5s fitted with the Competition Package get?

Cadillac Urban Luxury Concept (2010) first pictures

Cadillac today introduced what it describes as an 'urban luxury concept' - aka a posh supermini to rival the Mini. The small Cadillac was one of the surprises at the 2010 Los Angeles auto show and our reporters on the ground are calling it one of the hits of the show. Clay Dean, director of GM North America, said the Cadillac Urban Luxury Concept stood comparison with Europe's finest city cars. At just under 4 metres long and 1.7 metres wide, he has a point.