Our latest feature from Neil Winton makes grim reading for Europe's carmakers. If it wasn't for financial services, the headline financial numbers in the third quarter would have looked even worse. Some will argue that we're seeing a cyclical effect and that profits will recover as soon as the European economy picks up. But the news is not good there either - the European economy looks set to see a sluggish upturn next year at best and competition will remain intense. Among the big European players, no-one is sitting pretty - with the possible exception of BMW. It'll be a dogfight and the Japanese and Koreans will still be growing next year and squeezing the available pie further. The Japanese carmakers can look forward to a 'diesel dividend' and also continue to enjoy the benefits of the competitive yen.