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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.

VW BlueSport Concept Debut

Once upon a time, when  the world was a simpler place, there was a plethora of fun, nimble, economical roadsters (particularly in the UK) for our enjoyment. But times have changed, and got more complicated, and probably the only real fun, economical soft-top around is the MX-5. But that could change.

503-hp Volkswagen GTI concept headed to Worthersee?

Volkswagen has issued a series of official design sketches hinting at the appearance of a radical open-top concept car to be unveiled at the Worthersee fan meet in Austria on May 29. Called the GTI Roadster, the new two-seater was originally conceived as a virtual three-dimensional image in a joint cooperation between Volkswagen and Sony for inclusion in the PlayStation “Gran Turismo” video game series. But with enthusiasm for the low-slung roadster running high among its design team, Volkswagen has decided to turn it into a full-size concept in homage to a long history of GTI models.