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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.

2013 Volkswagen Beetle diesel starts at $24,065

The diesel-powered 2013 Volkswagen Beetle will carry a sticker price of $24,065 including $770 in destination charges when it arrives in dealerships in August. It will be the first diesel Bug to hit the United States since 2006. The 2.0-liter turbocharged oil burner will join the naturally aspirated 2.5-liter five-cylinder engine and the 2.0-liter turbocharged gasoline engine in the lineup.

Hamilton wins Singapore Grand Prix

Lewis Hamilton take victory for a resurgent McLaren at Singapore The biggest losers of the day were probably Red Bull, who failed miserably to take advantage of Button’s poor grid position (and that of Barrichello, who started in 10th after a five place penalty for a new gearbox). Vettel managed to damage his car on the kerbs and acquired a drive-through penalty after crossing the white line exiting the pits. Team mate Webber’s brakes gave up on lap 49 and he went home with nothing to show for all his efforts in Singapore.