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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.

New 1.0-litre turbo for Vauxhall Adam

A frugal new 1.0-litre SIDI three-cylinder turbo petrol engine will go on sale in the Vauxhall Adam city car in 2014, following its debut at next month’s 2013 Frankfurt Motor Show. The new low-emissions unit – a rival to Ford’s 1.0 Ecoboost engine in the Fiesta and Focus – will deliver “impressive fuel economy and CO2 emissions significantly lower than 100g/km”, according to Vauxhall. On Bing: see pictures of the Vauxhall Adam Find out how much a used Vauxhall Adam costs on Auto Trader The current Adam range is powered by 1.2- and 1.4-litre petrols.

GM, Koenigsegg sign deal on Saab sale

General Motors Co. reached a deal Tuesday to sell its money-losing Swedish subsidiary Saab to Koenigsegg Group AB. The companies signed a stock purchase agreement that would give the tiny Swedish supercar maker 100 percent of Saab's shares, GM Europe said in a statement.