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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.

Renault R-Space concept car (2011) at 2011 Geneva motor show

Renault will show off a glimpse of its thinking for the Scenic segment with the new R-Space concept car at the 2011 Geneva motor show. It’s a 4.3m long show car that’s designed to inject some pizzazz where today’s Scenic prefers a more sober style. The new-fangled Renault look as pioneered by incoming design chief Laurens van den Acker is present and correct: there’s a large diamond on the nose and heaps more character than the current MPV.

Why the Subaru WRX STi is making a UK comeback

After a short hiatus, the Subaru WRX STi (once known as the Impreza) is coming back to the UK. The re-introduction was confirmed at the new car’s unveiling at the 2014 North American International Auto Show (NAIAS) in Detroit – and it’s great news for us Brits. When the Subaru WRX STi goes on sale in the UK later this year it will cost £28,995 – that’s a whopping £4,000 less than its predecessor.