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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.

New bosses for Volvo and Ford of Europe

Volvo will shortly have a new boss, it was announced today. Geely Motors is buying Volvo from Ford and the two companies confirmed today what we all suspected: that Volvo CEO Stephen Odell will leave the top office in Gothenburg and head up Ford of Europe. The new chairman of Volvo is Li Shufu, Geely's top man.

2012 Chevrolet Corvette upgrades focus on track performance

To keep up on the track with the Vipers and Super Snakes of the world, Chevrolet has upgraded the Corvette for 2012. There's no change to the engines or their output for 2012, but you will shave a few seconds off your lap times with the newly optional Michelin Pilot Sport Cup Zero Pressure tire. Only offered on the Z06 and ZR1 models, the package includes the tires, 285/30-19 in front and 335/25-20 rear, and lightweight aluminum Cup-style wheels in satin black or machined finishes.