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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.

Geneva motor show: 2010 Saab 9-3x crossover debuts

At next month's Geneva motor show, Saab looks to provide a right-sized crossover with the introduction of the 2010 9-3X. Beginning with a 9-3 SportCombi wagon, Saab engineers raise ride height by 1.4 inches, add the XWD all-wheel-drive system that we first saw on the Turbo X and pump up the exterior styling. According to Saab, the 9-3X provides customers with the perfect alternative to large crossovers and SUVs, while offering respectable utility and off-road capabilities.

Range Rover Sport SVR takes on the Nurburgring – and wins (video)

Range Rover Sport SVR takes on the Nurburgring – and wins (video) We’re not sure at what point a car actually becomes a ‘production’ car, but that’s a tag Land Rover are putting on the new Range Rover Sport SVR as it takes to the Nurburgring and comes away with a time of 8 minutes 14 seconds – the fastest by a production SUV. Land Rover are keen to tell us the lap by the RRS SVR was in a standard production car, by which we assume a car that’s built to the specification announced for the Sport SVR when it arrives next year. That means the full fat 542bhp from its 5.0 litre V8 and performance that is clearly impressive, although Land Rover still hasn’t given us specific performance figures, and certainly enough - together with suspension tweaks – to make it very impressive on road.