Munich - German luxury carmaker BMW said Tuesday that it was lowering its profits forecast for 2009, following disappointing third-quarter results.

Profits plunged 62.9 per cent to 298 million euros (375 million dollars) compared to the same quarter of 2007, the company said in a statement released in Munich.

Turnover was down 8.6 per cent to 12.59 billion euros as global sales dropped 4.2 per cent to 349,098 vehicles, the company said.

Washington - Major automakers on Monday reported a sharp drop in October sales, while the manufacturing sector contracted the most in 26 years as the credit crisis continued to spread to the wider US economy.

Ford Motor Co said monthly sales dropped 30 per cent from the same period a year earlier. Japanese carmaker Toyota Motor Corp reported a drop of 23 per cent, Honda Motor Co's sales fell 25 per cent and Nissan Motor Co was down 33 per cent.

Prague - South Korean car

London, Nov 3: A car, based on Ferrari, could be flying its passengers to their desired location, within just two years time.

According to a report in the Telegraph, known as the ‘Autovolantor’, the car is based on a 200,000 pounds Ferrari 599 GTB, and is being developed by “Moller International”.

It will have the ability to take off vertically and hover, thanks to eight powerful thrusters which direct air down for take off. Vents then tilt so the car can fly forward.

The car is expected to be able to do 100mph on the ground and 150mph in the air. The calculated airborne range is 75 miles and ground range is 150 miles.