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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.

Saab: Turkey’s Brightwell Holdings & China’s Youngman vie for Saab

Will Saab end up in Turkish or Chinese hands? Despite its bankruptcy, it seems China’s Youngman and Turkish equity form Brightwell Holdings ar planning on staging a bid. Saab may be bankrupt – and its car heritage from the Saab Museum up for sale – but that hasn’t stopped interest in Saab as a viable car maker from prospective suitors.

Kia Magentis (2011) first official pictures

This is the all-new Kia Magentis, revealed by the Korean company ahead of the official launch on 1 April at the 2010 New York motor show. It does indeed. Saloons below the likes of the Aston Martin Rapide are rarely beautiful, and although we're not saying the Magentis is a stunner, it is definitely a decent step forward for Kia.