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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.

Bye bye Maserati Kubang – hello Maserati Cinqueporte?

Maserati Kubang being retired from view Maserati has decided that now the world has seen its Kubang Concept it’s going to retire it from public view ahead of a production reveal. The Maserati Kubang is the concept for an SUV that’s been doing the motor show rounds since it arrived at Frankfurt last year. Currently on show in Beijing, it appears that the trip to China will be the last outing for the Kubang as a concept as Maserati are getting ready to show a production version – but not just yet.

Toyota charity puts boots on the ground in Detroit

For the second year in a row, Toyota has chosen to celebrate the opening of the Detroit auto show with a philanthropic gesture. In order to help homeless women and children in the Detroit area, Toyota's “Walk in my Boots” community project will partner with Moosejaw, a Michigan-based outdoor retailer, to donate new boots to residents of The Salvation Army Denby Center for Children and Family Services in Detroit. Toyota will also be providing a luncheon buffet for the residents when they deliver the boots and donating $10,000 to the facility to help with operations' costs.