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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.

Toyota hands over small-car development to its European unit

Toyota Motor Corp.'s European division next month will take charge of global product planning for small cars as the Japanese automaker expands model research and development in the region. The change, announced Dec. 17, means that Toyota will count on Europe to develop future products in the minicar, subcompact and compact segments, something that Ford Motor Co.

Jaguar Land Rover to create ANOTHER 1700 jobs

1700 new jobs created by JLR to build new smaller Jaguars like the Jaguar Crossover (pictured) We’ve reported on the creation of more and more jobs in recent years by Jaguar Land Rover as Land Rover’s products, in particular, drive forward. But Jaguar is soon to undergo a transformation as a new, smaller range of cars and crossovers join the current lineup of F-Type, XF, XJ and XK to emulate the sales success Land Rover is enjoying, particularly with the Range Rover Evoque. That means yet more new jobs at Land Rover – 1,700 at Solihull – taking the new jobs Jaguar has created in the last few years to 11,000 and an additional  £1.5 billion product creation investment.