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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.

Ferrari 575GT Zagato

Zagato recently unveiled their bespoke Ferrari 575GTZ at Villa d'Este Concours d'Elegance in Italy. Zagato, based in nearby Milan, was commissioned by Japanese collector Yoshiyuki Hayashi to create a new body for his 575M in the style of the 250GTZ Berlinetta. Despite the same underpinnings as the 575M the whole car has been remodelled, striking a balance between its Fifties forebear and more contemporary Ferraris.

José Mourinho to get first F-Type Coupe

José Mourinho will be the first customer to drive away in a Jaguar F-Type Coupe after its UK launch tomorrow, as the company announces the Chelsea FC manager as its new brand ambassador. The official UK launch of the Jaguar F-Type Coupe will take place tomorrow evening at Eastwinter Garden in London’s Canary Wharf. Jaguar F-type R Coupe prototype review (2014 onwards) 21 reasons why the Jaguar F-Type Coupe will blow your mind The event, hosted by Jaguar Land Rover managing director Jeremy Hicks, will be open to prospective customers, brand ambassadors and the British media.