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Automakers are getting nervous about Europe's economy

Carmakers BMW and Stellantis on Thursday expressed concerns about Europe's economic outlook, joining a chorus of retailers and others in warning of waning consumer confidence on the continent and hitting their shares. "Obviously the macro(-economic situation) in Europe is more challenging, which gives me pause, personally," Stellantis chief financial officer Richard Palmer said on a conference call with analysts. "If there was anywhere where I was more concerned, it would be Europe than anywhere else really based on the macro." This follows a dire assessment of consumer sentiment in Europe from the likes of consumer goods company Unilever and news of lower spending by Europeans from Amazon. Like other major auto companies, Stellantis and BMW have been hit by supply chain disruptions stemming from the global coronavirus pandemic that have curtailed car production. They have also benefited from strong consumer demand amid low vehicle supply, allowing them to raise prices and keep them high even as the semiconductor shortage shows signs of easing. BMW posted a 35.3% jump in third-quarter revenue despite a small drop in vehicle sales. Stellantis said its revenue rose 29% on the back of a 13% increase in vehicle sales as more semiconductors became available. The concern among analysts has been that demand may falter, just as carmakers get their hands on the supplies they need, undermining pricing and hurting profits. But this week Ferrari said it was confident about its prospects for this year and 2023 as demand for its luxury cars, as well its pricing power, remained strong. Both BMW and Stellantis said on Thursday they had vehicle order books that stretched into the second quarter of 2023. But BMW's chief financial officer Nicolas Peter said high inflation and rising interest rates could hit buyers' wallets. "This is causing conditions for consumers to deteriorate, which will affect their behaviour in the coming months," he said. "We therefore continue to expect our higher-than-average order books to normalise, especially in Europe." He added customers had been unhappy about the wait for new cars, so "a slight reduction (in orders) would not be negative." Palmer said Stellantis was "ready for any softness in demand" but in the short term had been affected by a shortage of drivers to deliver its cars to dealers. "At the moment, we can't build enough cars," he said.

Alex Zanardi back in the driver's seat with BMW

If there's ever been an inspirational story in the pantheon of motor racing history, surely it's that of Alessandro Zanardi. The Italian driver worked his way up the motor racing ladder, making it into Formula One and winning two CART championships for Chip Ganassi Racing back before the series re-merged into IndyCars. Tragedy struck in 2001 when he lost both his legs in a crash at the Lausitzring in Germany, but rather than accept his fate, Alex pushed on. Fitted with prosthetic limbs, he learned to drive a racing car with hand controls and got back in the driver's seat.
Zanardi drove for BMW in the European Touring Car Championship and then in the World Touring Car Championship that replaced it, landing on the podium several times despite his physical disadvantage. He left racing in 2009 to train for the Paralympics, winning two gold medals in London, but Alex apparently couldn't shake the racing bug. BMW modified one of its M3 DTM racers with hand controls for him to test later that year. And now he's returning to motor racing full time.
BMW has just announced that Zanardi will be driving a Z4 GT3 in the Blancpain Sprint Series, the successor to the FIA GT Series and short-distance counterpart to the Blancpain Endurance Series. The car has been modified with the hand controls the Bavarian automaker's racing department fitted to the aforementioned M3 DTM and will be fielded by the ROAL Motorsport team with which Alex challenged for the European Touring Car Championship last decade.

BMW 8 Series revival not coming anytime soon

If you thought the BMW Gran Lusso Coupe concept that was shown at Villa d'Este a few months back was a preview of a new BMW 8 Series, prepare to be disappointed. According to a report from the UK's Autocar, BMW officials have "rejected suggestions" that a production model based on the concept was coming. To be fair, though, would you expect them to just acknowledge it?
The Brits seem to be thinking the same, as the story went on to quote BMW research and development chief, Herbert Diess, who claimed, "We're looking into the possibility of production, but a decision is still a way off." Diess also points out that it's far too early for anything to be confirmed, seeing as how the concept only debuted about 10 weeks ago.
The well-received Gran Lusso was penned by Pininfarina and motivated by a brawny, twelve-cylinder engine. If it were to enter production, it'd likely sit at the top of BMW's gas-powered offerings, and would compete against the Mercedes-Benz CL AMG and Bentley Continental GT.