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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.

SEAT Ibiza FR TDI announced

The three and five door versions of the SEAT Ibiza FR TDI ‘Sporty’ and Diesel’ were two words that never used to go together. But as diesel engines become more and more compelling car makers are keen to add performance diesel versions to their range. More torque and better fuel consumption are reason enough to run a diesel these days for a daily drive, but when performance figures actually make the diesel fun it’s hard to argue against.

Marchionne, Fiat execs tighten grip on Chrysler under unified management team

Sergio Marchionne, CEO of Fiat S.p.A. and Chrysler Group LLC, will retain oversight of the two automakers in North America under a single management team dominated by Fiat-bred executives. Four regional chiefs will be in charge of Fiat and Chrysler operations in North America, South America, Europe and Asia effective Sept.