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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.

Toyota recalls 2003 Sequoia for stability-control problem

Toyota is recalling thousands of the 2003 Sequoia SUV to repair a potential stability-control problem, the company announced on Wednesday. The recall covers 50,000 of the SUVs produced early in the 2003 model year. The problem is the stability control could activate at too slow of a speed (about 9 mph), limiting the ability of the Sequoia to accelerate.

Lexus LF-NX concept

Lexus' LF-NX mid-size crossover concept, which debuts next week in Frankfurt, explores the possibility of a future model in the carmaker's range that would take on the Range Rover Evoque and Audi Q3. The concept previews another evolution of the ‘L-finesse' design language and features angular design and a front that's dominated by the huge spindle grille as well as Lexus' signature front light arrangement. Like the Lexus IS, the arrow-shaped DRLs are separated from the headlamps, while the front corners separate the bumper from the front wings with a sharp vertical line.