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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.

The Saint's Volvo P1800 makes a return

Remember the beautiful Volvo Concept Coupe unveiled in Frankfurt earlier this month? The one that some people proclaimed to be the most beautiful Volvo ever created? Well, they're wrong, because for now at least, the Volvo P1800 - a car which appeared alongside the Concept Coupe in Frankfurt - remains not only the most beautiful Volvo in the world, but arguably one of the most beautiful cars in the world.

U.S. Transportation Department says no defect found in Toyota's electronic throttles

The U.S. Department of Transportation said Tuesday that electric systems and electromagnetic interference did not play a role in unintended acceleration involving Toyota Motor Corp. vehicles.