What the papers say: December 5
Sales decrease despite discounts
The Financial Times reports that new car sales fell by 37% during November, despite steep industry discounts. The report says that November's figures point to further large drops in sales during 2009.
Buyers held on for VAT cut
A report in the Times says that car sales figures were particularly bad in November, because buyers were holding on for the much-heralded cut in the rate of VAT.
Car park – full
The Daily Express carries an aerial photograph of a storage depot for unsold cars at Corby. The depot, reports the paper, is almost full with unsold vehicles.
Nissan cuts Friday production
Despite being one of Europe's most efficient and productive sites; Nissan will stop production for today at its Sunderland plant. The halt in production will also be applied to the following two Fridays. Nissan is reported as saying the closures are 'a precaution' to protect the company's inventory.
Button's career fear
Jenson Button's Formula One career is under threat, reports The Sun. The paper covers Honda's decision to pull out of the sport due to the increasing financial problems in the global auto market. The Sun also says team chief Ross Brawn has told staff they will be put on three months' notice from January 1. Button could, however, be a contender to replace Mark Webber at Red Bull if the Australian driver's broken leg prevents him from starting the season.
Toyota could follow Honda's lead
The Financial Times reports that other teams could also decide to leave Formula One in the wake of Honda's decision to quit. The paper cites Honda's rival manufacturer Toyota as one potential candidate.
Toro Rosso for Button?
The Daily Mail also reports on Honda's exit from Formula One, while also speculating on what will become of British racer Jenson Button. The paper believes a move to the lowly Toro Rosso team could be his only hope of staying in the sport for 2009.
Many jobs will go at Honda F1
The Times reports that even if a buyer is found for the Honda Formula One team, its annual operating budget is likely to be cut from £150 million to £50 million, resulting in many job losses.
Oil prices head for $25 a barrel
The price of crude oil could fall to levels not experienced since 2002, according to the Daily Mail. Experts are predicting that oil could plummet in value next year, hitting a low of $25 a barrel.
Private equity group eyes Volvo
Texas Pacific Group has emerged as a possible buyer for Volvo should Ford sell it, according to the Daily Mail. The private equity company is cited as one of very few 'financial suitors' for Volvo. Ford is trying to sell non-core assets as it battles for survival.
US 'big three' would accept oversight
The Financial Times reports that Chrysler, Ford and GM would be prepared to accept a 'large measure of Government control' over the US car industry in return for state loans of $34 billion (£23 billion). Bosses from all three firms were once again on Capitol Hill to appeal for funding.
Happy 50th to Britain's motorways
The Daily Express wishes happy birthday to the nation's motorways, 50 years after the Preston bypass was opened in 1958.
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