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Car sales plunge, Bank of England cuts rates

New car sales plunge in October: Renault sales were down by more than half By Nigel Wonnacott Motor Industry 06 November 2008 12:30 Following the sixth monthly decline in new car sales this year (down 23% this month), economists have revised market forecasts downwards, while the Bank of England has cut interest rates by 1.5%. October’s 23% drop was the worst so far and trade body SMMT now fears sales could end the year at just 2.15 million cars. That’s 8% lower than the 2.34 million predicted to leave showrooms back in January and would be the worst market performance in more than a decade.

Hyundai increasing European production to 500,000 a year

Hyundai are upping production in Europe to 500,000 per annum There’s an awful lot of sense in car makers designing and building cars for the markets they serve locally, and it’s a route Hyundai has followed in Europe, where the majority of their sales are of European built models, not imports. With Hyundai sales still growing despite the European car market meltdown, Hyundai are increasing capacity in Europe to keep up with demand with further investment in their plant in Ízmit, Turkey. Originally, the Ízmit plant produced just 60,000 cars a year, but in 2007 that was increased to 125,000 and now it is being increased to 200,000 so the new i10 can be built there as well as the latest i20.

New baby Jaguar name to be revealed LIVE at Geneva show

Jaguar will reveal the name of its new BMW 3 Series rival LIVE during its lunchtime Geneva Motor Show press conference, CEO Dr. Ralf Speth has confirmed. “We will also show you a first teaser image of the new car,” he added.