Toyota, BMW spread gloom

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Toyota's shares tumbled to a three-year low in Asia this morning after it announced an unprecedented wave of interest-free loans to entice US consumers to its showrooms.

It is the first time the company, the world's second-biggest motor vehicle firm, has used free financing across so many models.

The strategy was seen as high risk and gave a worrying insight into how tough conditions are in the US, where car sales plummeted 32% in September.

That came after BMW, maker of Rolls-Royce and Minis, warned of a global slump in the industry for at least nine months.

Meanwhile, Lotus accelerated into profit in 2007 although turnover crashed 17%.

Norfolk-based Lotus Group International, owned by Malaysia's Proton, turned a £2 million net profit in 2007 after a £4.9 million after-tax loss the previous year.