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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.

NHTSA investigating 500k Ford and Mercury cars for lighting failures

The Ford Crown Victoria and Mercury Grand Marquis might be long gone as new models in showrooms, but the National Highway Traffic Safety Administration might check them out yet again for a potential problem. At the urging of North Carolina Consumers Council, the agency may open another investigation into the front lighting control module on vehicles from the 2003-2005 model years, and NHTSA estimates the issue could affect 517,945 vehicles. If the module stops working, it can cause a complete failure of all forward lighting, including the headlights. NHTSA previously investigated the issue in 2008 and 2009 but found no need for a recall, according to Bloomberg. Ford also extended the warranty on the part to 15 years or 250,000 miles. To prompt this new request, the North Carolina Consumers Council received a letter from a woman experiencing the module's failure. Upon further investigation, the council found 604 complaints of this problem on NHTSA's website, including seven crashes. Furthermore, the group has alleged that dealers told customers that the parts to perform the replacement weren't available, despite the extended warranty. According to the government agency, "A defect petition has been opened to evaluate the issue and make a grant or deny decision." Ford spokesperson Kelli Felker tells Autoblog via email, "We will cooperate with NHTSA, as we always do." You can read the council's complete letter to the Feds in PDF format, here. INVESTIGATION Subject : Loss of headlamp/exterior lighting Date Investigation Opened: APR 01, 2015 Date Investigation Closed: Open NHTSA Action Number: DP15002 Component(s): EXTERIOR LIGHTING All Products Associated with this Investigation Vehicle Make Model Model Year(s) FORD CROWN VICTORIA 2003-2005 MERCURY GRAND MARQUIS 2003-2005 Details Manufacturer: Ford Motor Company SUMMARY: The Office of Defects Investigation (ODI) has received a petition from the North Carolina Consumers Council, Inc. requesting a defect investigation of an alleged defect condition resulting in headlight and/or exterior lighting failure on 2003-2005 Ford Crown Victoria and Mercury Grand Marquis vehicles. The petition letter is attached for review. The petitioner alleges a defect in the lighting control module that powers the headlights which can result in the loss of vehicle headlights and/or all exterior lighting while driving. ODI has previously investigated this issue under PE08-066 which was closed without a defect finding.

Weekly Recap: Volkswagen moves forward under Muller

Most stunning was the speed of it all. On the morning of September 18, Volkswagen AG stood atop the automotive world. It was profitable and sold more cars than Toyota and General Motors, its two main rivals for global supremacy. By nightfall, the company would be embroiled in scandal. Revelations the German auto giant cheated on diesel emissions testing in the United States reverberated from Washington to Wolfsburg, Germany. What started out as a problem with 482,000 VWs and Audis in the US exploded into an international scandal. Millions of vehicles have the rigged software, meaning VW broke environmental rules as its cars spewed pollutants all over the world. The fallout began immediately. Volkswagen CEO Martin Winterkorn – one of the most respected and capable executives in the business – apologized on Sunday and Tuesday. On Wednesday he resigned. As the week progressed, the company's stock took a beating and credit agencies threatened to drop their ratings. VW dealers and owners said they felt betrayed. The automaker hired a law firm that defended BP after the Deepwater Horizon oil spill. The EPA is already extending its testing procedures to look for "defeat devices" like the ones used by Volkswagen. On Friday the company announced a major restructuring. Matthias Muller, Porsche's chief for the last five years, took over as CEO of Volkswagen and is charged with picking up the pieces of a shattered company facing regulatory action and lawsuits. With GM, Toyota, and Takata scandals still fresh, Volkswagen will likely experience unprecedented levels of scrutiny. Additionally, VW's markets in the United States, Canada, and Mexico will be combined into a North American region under the leadership of former Skoda boss Winfried Vahland, though US chief executive Michael Horn will stay on. The company is also realigning its brands by specialty and streamlining its board. Firings, government action, restructurings, and international outrage – things that usually build up over months or years – all occurred in about a week. With dizzying speed, Volkswagen's future has changed dramatically. It all happened, it's still happening, so fast. OTHER NEWS & NOTES 2016 Buick Cascada to start at $33,990 Buick hasn't made a convertible in 25 years. That's a whole person who can drink plus a kindergartner. So it's been awhile. Enter the 2016 Buick Cascada. It has top-shelf Opel engineering, slinky design, and it's reasonably priced.