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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.

Volkswagen to reveal new electric car concept

Volkswagen is due to reveal a one-seat electric car concept in early September as the manufacturer explores its greener future. Part of the on-going project to cut its average fleet emissions  Volkswagen has designed the concept vehicle for limited journeys, with the vehicle due to be unveiled on September 8 in Berlin. There's no word yet as to whether it will appear at the Frankfurt motor show just a few days later, but we'd be surprised not to see it there.

Autoweek in review: Ferrari teases supercar, Mini flips out and the 2013 Porsche Panamera GTS

While many of us spent Monday honoring our favorite presidents (still Taft, Van Buren and R.B. Hayes), Ferrari teased us with shots of its Enzo successor and gave us some pricing details. By now you should have saved at least 20 bucks toward that $1.3 million.