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Citro?n C1 gets eyebrows... no, seriously [w/video]

Citroën has revealed its new C1 city car, marking the first full redesign of the popular hatch since it debuted way back in 2005. Set to make its global debut at next week's Geneva Motor Show, here are all the particulars on what should prove a popular offering in European markets. The C1 is essentially Citroën's version of the Toyota Aygo and Peugeot 108, both of which are set to make their own debuts in Geneva.
Available in both three and five-door versions like its predecessor, the new C1 adds a convertible-like Airscape model, which delivers an open-roof experience for budget drivers.
The exterior, meanwhile, is reminiscent of the old C1, but fresher and funkier. There's no other way to describe the secondary set of lights but as eyebrows, although that's no bad thing. This is a cute car, and among budget city cars looks count just a bit more (because there isn't much else worth bragging about, usually).

Fiat Chrysler and Peugeot boards meet to finalize merger

MILAN/PARIS — The boards of Fiat Chrysler Automobiles and Peugeot will meet separately on Tuesday to discuss finalizing an initial agreement for a $50 billion merger to create the world's number four carmaker, sources said. A source close to FCA said the two companies could announce the signing of a binding memorandum early on Wednesday, followed by a conference call to explain further details later in the day. The two mid-sized carmakers announced plans six weeks ago for a tie-up to help them deal with big challenges in the industry, including a global demand downturn and the need to develop costly cleaner cars to meet looming anti-pollution rules. Ahead of the meetings, entities representing the Peugeot family, Etablissements Peugeot Freres (EPF) and FFP, unanimously approved a proposed memorandum of understanding for the planned merger, a source familiar with the situation said. FCA and PSA have said they would seek to finalize a deal by year-end to create a group with 8.7 million in annual vehicle sales. That would put it fourth globally behind Volkswagen, Toyota and the Renault-Nissan alliance. PSA's Carlos Tavares will be chief executive and FCA's John Elkann — the scion of Italy's Agnelli family, which controls FCA through their holding company Exor — chairman of the combined company. The group will include the Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, DS, Opel and Vauxhall brands, allowing it to serve mass and premium passenger car markets as well as those for trucks and light commercial vehicles. Related Video:       Chrysler Dodge Fiat Jeep RAM Citroen Peugeot

PSA Peugeot-Citro"en gets EU approval for life-line loan from France

PSA Peugeot-Citroën has been struggling to offer low finance rates to customers since its banking arm, Banque PSA Finance, had its credit score downgraded, which in turn has made it hard for the French carmaker to compete with brands that offer lower finance rates, such as Volkswagen. The French government recognized the catch-22 and, after negotiations with PSA and European Union approval, has guaranteed the banking arm seven billion euro in bonds to secure its debt and lower borrowing costs, Automotive News reports. The infusion of bonds will be spread from January 1, 2013 through December 31, 2016.
As part of the requirements for EU approval, PSA agreed to refrain from acquisitions in excess of 100 million euro per year and curb its debt levels, Automotive News reports. The EU Comission was required to approve the bond infusion before it could take place in an effort to reduce to a minimum "the damaging effects for competitors who have not received support from public funding," said Joaquin Almunia, EU Competition Commissioner.
In addition to the bonds for Banque PSA, a diesel-hybrid program will also receive 86 million euro from the French government, which was also approved by the EU Commission.