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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.

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.

BMW 6 Series Gran Coupe unveiled: Photos & Video

BMW 6 Series Gran Coupe revealed BMW reveals the 6 Series Gran Coupe, a 6 Series with extra doors and more room, the Gran Coupe is BMW’s take on the Mercedes CLS. It’s not a surprise that the BMW 6 Series Gran Coupe has arrived, the surprise is that it’s taken so long. Mercedes started the whole swoopy coupe fad with the CLS – which is now in its second iteration – and it seemed an odd niche at the time.