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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.

Karim Habib to Head Exterior Design at BMW

It was only a matter of time before we expected a talented designer to fill the position vacated by Anders Warming when he was promoted to the role of Design Director at Mini. News of that new appointment was revealed today and, as of March 2011, Karim Habib will become the new Head of Exteriors at BMW Design. No stranger to BMW Design, Habib comes back to the Munich-based carmaker after a two year absence, during which time he worked for rival German carmaker Mercedes-Benz.

Ford GT40 prototype sold for £4.2 million

One of four original Ford GT40 racer prototypes has sold at auction in the US for a staggering $7 million. That's £4.2 million. The Ford GT40 is famous for several things – being the product of Ford’s frustrated attempt to buy Ferrari, becoming an enormously successful Le Mans winning racing car and standing just 40 inches tall.