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Ford, Renault, VW shareholder oppose French aid for PSA/Peugeot-Citro"en

Pots and kettles, glass houses and stones - that's a little of what we appear to have going on in the European car market. New reports say that that three European automakers have registered their opposition to a loan deal that PSA/Peugeot-Citroën is working on with the French government. Peugeot's finance arm, Banque PSA Finance, is struggling with its debts and has been downgraded by Moody's to its lowest investment-grade classification, one step above junk. This makes it more expensive for a potential buyer to finance a car through Peugeot. The last thing Peugeot needs is more difficulty selling cars in the tough European market, and the situation will only worsen if the bank's credit worthiness takes another hit.
A deal being worked on would have the French government offer €7 billion ($9B U.S.) in bonds to guarantee the bank's loans, which would give the institution some breathing room to manage its debts and lower its interest rates. Outside of that, a group of banks would provide other, non-guaranteed loans to the bank to further help its position. In exchange for state help, though, the government wants seats on Peugeot's board for worker representatives and a government liaison, along with factory and worker guarantees. The Peugeot family would maintain control of the company.
So what we have is government assistance being provided to a car company's finance arm, akin to the way General Motors' GMAC (now Ally Financial) and Chrysler Financial got help in their time of need. What we also have is Ford and Renault, and Germany's State of Lower Saxony, the second-largest shareholder in Volkswagen, voicing their concern about the proposal, because they say it could create an unfair competitive advantage for Peugeot. Everyone in Europe's down market is fighting for every sale, and if Peugeot gets help to keep its auto loan costs down, it figures to help buyers choose Peugeot or Citroën.

Ford workers vote to ratify new four-year UAW contract

DETROIT — The United Auto Workers union said on Friday that rank-and-file members at Ford have voted in favor of a new four-year labor contract with the No. 2 U.S. automaker. The UAW will now focus on Fiat Chrysler Automobiles (FCA), the sole remaining Detroit automaker without a new labor contract. Talks with FCA are expected to begin on Monday, a UAW spokesman said. The union said 56.3% of Ford's hourly workers voted to approve the deal, which allowed the company to avoid a strike like the one that cost its larger rival General Motors about $3 billion (GBP2.3 billion). UAW leaders said earlier this month that Ford under the deal agreed to invest more than $6 billion in its U.S. plants, and to create or retain more than 8,500 UAW jobs. The deal also includes pay raises and lump-sum payments over the life of the contract, a pathway to full-time employment for temporary employees and unchanged healthcare coverage. Workers at GM approved a deal in late October that ended a contentious 40-day U.S. strike, the longest automotive labor stoppage since 1970. Detailed terms of the Ford deal — released just a week after GM workers approved their new contract — echoed those agreed to with GM, as the union typically uses the first deal as a template for those that follow. UAW leaders managed contract negotiations with Ford and GM, including the lengthy strike, while struggling with an ongoing federal corruption probe. To date, 10 people have pleaded guilty in connection with the criminal investigation into illegal payoffs. Just last week former UAW vice president and former GM board member Joseph Ashton was charged with conspiracy to commit money laundering and wire fraud. Earlier this month the UAW said that its president, Gary Jones, who had been linked to the ongoing corruption probe, was taking a leave of absence. Rory Gamble, the union's acting head, said last week he will examine every department of the union in response to the spreading federal corruption probe to prevent future misuse of members' dues.

MMD by Foose 2015 Mustang GT gets 810 hp and one lucky winner

Modern Muscle Design worked with the one and only Chip Foose to create this, the MMD by Foose 810-horsepower 2015 Ford Mustang GT. Several things will come of the collaboration, the best one for you being that you have a chance to win the coupe this Summer at the AmericanMuscle Mustang show in Pennsylvania. As of right now you can enter at the AmericanMuscle site, and if your name is pulled from the hat then MMD will fly you to the show in August and Foose will personally hand the car over to you. For everyone else, there is still plenty to pay attention to. The 5.0-liter Coyote V8 gets 375 more horsepower courtesy of a modified 2.9-liter, twin-screw Whipple supercharger from Bama Performance. By the time those horses stampede down a carbon fiber driveshaft, MMD says there are 650 of them left to turn the 20-inch Foose wheels. If you want to take your own Mustang in this direction, there will be a selection of parts created for this car coming later this summer under the MMD by Foose banner, including the hood and side scoops, rocker panels, and chin spoiler. The show car also gets a Vogtland Sport Suspension and a Magnaflow Competition cat-back exhaust. Check out the press release below for more information. MODERN MUSCLE DESIGN AND CHIP FOOSE DEBUT 800+ HORSEPOWER MUSTANG IN SOUTHERN CALIFORNIA MMD by Foose 2015 Mustang to be Personally Given Away by Chip Foose at AmericanMuscle's 2015 Mustang Show this Summer MALVERN, Pa. (May 20, 2015) – Modern Muscle Design (MMD), the leader in aftermarket Mustang styling, along with the renowned vehicle designer, Chip Foose, today unveiled a one-off 810-horsepower supercharged MMD by Foose 2015 Mustang GT at Foose Design Inc. headquarters in Huntington Beach, California. Today's reveal comes ahead of the annual AmericanMuscle Mustang Show in Pennsylvania where the custom-built Mustang will be given away. The 2015 AmericanMuscle Mustang Show is the 7th annual charity all-Mustang car show in which 10,000+ spectators and nearly 3,000 Mustangs gather to benefit this year's charity, Make-A-Wish®. At the heart of MMD by Foose is a 5.0 liter V8 engine producing more than 810 horsepower at the crank courtesy of a specially tuned version of Bama Performance's 2.9-liter twin scroll Whipple supercharger. After being routed through the transmission, a custom carbon fiber driveshaft and upgraded axles from The Driveshaft Shop, 650 horsepower reaches the custom 20" Foose Design wheels wrapped in Pirelli tires.