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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.

BMW announces DesignWorksUSA studio and ConnectedDrive lab in Shanghai

BMW has opened both a DesignWorks studio and a ConnectedDrive lab in Shanghai, China, as a means of gathering information and insight into the Chinese market as the company looks to increase its presence in Asia. Adrian van Hooydonk, Director BMW Group Design, said, "Creating this foothold for both BMW Group Design and DesignworksUSA in Shanghai is of great importance from both strategic and creative standpoints." President of BMW Group DesignWorksUSA Laurenz Schaffer said, "Our new studio in Shanghai places DesignworksUSA at the epicenter of the most rapidly growing and influential consumer market in the world and provides an indispensable resource for shaping our global perspectives for clients." The new studio will perform functions including product, transportation, automotive, environmental and interaction design; color, material and finish design; design communication, research and strategy as well as sustainability consulting. Designers from DesignworksUSA studio in Los Angeles, Munich and Singapore will supplement a local design team.

Ferrari one-two in 2010 Bahrain Grand Prix

Fernando Alonso leads a Ferrari one-two at the Bahrain Grand Prix It looked as if it should have been Red Bull’s weekend. Or at least Sebastian Vettel’s weekend. But in the end the unreliability that seems to have crept in to the Red Bulls stopped them from carrying on where they left off in 2009, despite Vettel leading the first F1 Grand Prix of the season in Bahrain for the majority of the race.