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Peugeot family faces rare revolt by shareholders

The billionaire Peugeot family is under unprecedented shareholder pressure over the performance of its listed investment vehicle following losses related to its holdings in the collapsed European property empire Signa. Peugeot Invest, controlled by the French clan and headed by eighth-generation scion Robert Peugeot, 74, is likely to face a group of disgruntled minority investors at an annual meeting on Friday who have made public a long list of grievances including its deep trading discount. They also criticize rising operating costs, governance, remuneration policies and investment strategy.  Among their top gripes: The company’s assets — which include stakes in carmaker Stellantis NV, investment bank Rothschild & Co. and a vineyard in Bordeaux — are worth almost ˆ6 billion ($6.5 billion), compared with its stock market capitalization of ˆ2.8 billion. That 54% discount to the value of its assets is one of the largest among European investment holding companies. One big way to close that gap, dissident investors say, would be to pay out a bigger chunk of cash in dividends. Yet Peugeot Invest rejects the idea, and will prevail at the annual meeting: The family controls almost 80% of the shares and 89% of voting rights.  “The interests of minority and majority shareholders are not aligned,” said Colette Neuville, president of the Association for the Defense of Minority Shareholders, which has teamed up with investors Moneta Asset Management and Sycomore Asset Management to push for changes in the way Peugeot Invest operates. “They are acting like there are no minority investors.” The barrage of public criticism is a first for the secretive clanÂ’s firm, which began trading in 1989 on a now-defunct bourse in the eastern city of Nancy.  The sprawling familyÂ’s fortune centers around the eponymous car manufacturer that three years ago merged with Fiat Chrysler. The clan emerged with a 7% stake in the combined group, Stellantis, one of the worldÂ’s most profitable automakers with a market value of about ˆ64.6 billion.  The stake is indirectly held by Peugeot Invest, which has been helmed for the past 22 years by Robert Peugeot and used by the family to diversify away from the auto industry.

Peugeot 9x8 WEC racer installs a rear wing and a pack-of-lions livery

After France's ACO racing organizing body created new rules for the Hypercar class in World Endurance Racing, manufacturers like Toyota, Glickenhaus, and eventually Cadillac, Ferrari, and Porsche created traditional-looking top-class race cars. Peugeot did not, debuting its 9x8 single-seater with an unmistakable headlight signature and an unmistakable rear end that went without a wing, its concept focused on ground-effects aero instead of silhouette aero. The aft aero consideration was a small airfoil between two vertical strakes hanging off the back of the bodywork, its location making it more like a long ducktail spoiler or Gurney flap. With two years of racing in the World Endurance Championship completed, it appears the consensus at Peugeot Sport HQ is that a more traditional approach is needed; the 9x8 scored points, but outside of a third-place finish in Monza last year, usually finished toward the back of the class. The new 9x8 for the 2024 WEC season returns to the old ways of a rear wing. Peugeot Sport Technical Director Olivia Jansonnie said rule changes at the beginning of the 2022 season put Peugeot at a disadvantage with Balance of Performance (BOP) rules. On the new car, in the works since early 2023, "The idea was therefore to go back to a car design that is similar that of our rivals car design," he said, "so that it would then be given equivalent treatment by the BOP." But he also stressed that the new car is a heavily upgraded version of last year's 9x8, not a brand new car. Adding a rear wing lead engineers to rework 90% of the bodywork and change the weight balance. The new regulations encouraged a switch to staggered tires instead of the 310-mm rubber previously used all around. And engineers took steps to improve engine and gearbox reliability.  As on the last car, Peugeot Sport worked with Peugeot Design on a new livery in Peugeot Sport's various colors, described as "black, grey, white and kryptonite." The scheme puts the brand's lion icon all over, in different sizes, symbolizing a pack of lions that "conveys the sense of collective that reflects the values of Endurance racing perfectly." It can take a second to make out the heads because they're bigger than you'd expect, but start by looking at the dark gray graphics, the icons are easier to see.  After entering the previous 9x8 in the 2024 WEC season's first race in Qatar, the updated 9x8 enters the fray at the 6 Hours of Imola on April 21.

Renault Scenic EV takes first place as (European) Car of the Year

The automobile awards season may not be over, but two of the more prestigious annual races came closer to a climax this week. One might need a scorecard to keep track. We’re focused here on two events: the World Car of 2024, now reduced to three finalists in six categories. Then thereÂ’s the Car of the Year, known in some quarters as the European Car of the Year. Except that the car doesnÂ’t have to be European to win, only sold there. Got that? Winners out of the way first: At the Geneva Motor Show on Monday, the Renault Scenic E-Tech all-electric has been voted Car of the Year 2024. The Scenic is a fairly compact, somewhat stylish SUV for Europe only, and is the seventh vehicle from the French brand to win the award. It sells in the United Kingdom for about $47,500. The other six finalists that had made the first cut of voting in November were the BMW 5 Series, BYD Seal, Kia EV9, Peugeot E-3008/3008, Toyota C-HR, and Volvo EX30. The trophy winner was chosen by a jury of 59 motoring journalists from 22 countries. Scenic came in first place with 329 points. The Seal was the first Chinese-made car to make this awardÂ’s shortlist; it finished sixth out of seven, just up from the Toyota. One judge explained his decision to grant the Seal zero votes. Writing in Top Gear, Paul Horrell wrote this entertaining critique: “It looks good and is well specified, so makes a strong market entry. The advanced electric system and cobalt-free battery are commendable too, and it's enjoyable enough to drive quickly. That's undermined by an agitated ride over bumps, and the logic of screens and switches is pretty eccentric.” Recapping the World Car of the Year 2024 update, the sponsors shared the stage at Geneva on Monday with the Europeans as well, although they revealed only the top three finalists in six categories. For the ultimate prize, they are the Kia EV9, the Volvo EX30 and the BYD Seal. The winners will be announced March 27 at the New York International Auto Show. Here's more on the World Car finalists. By the Numbers Geneva Motor Show New York Auto Show BMW Kia Toyota Volvo Peugeot Renault Green Automakers Best Cars

Scrapyard Gem: 2006 Peugeot 307 CC Sport

YORK, England — Peugeot claims to have invented the retractable hardtop convertible with the 1934 Peugeot 401 Eclipse Decapotable, decades before Ford created the Fairlane 500 Skyliner. Fast-forward to 2000, when Peugeot began selling the 206 CC, a sporty version of the 206 subcompact with hardtop roof that folded into the trunk. A couple of years later, the innovative French manufacturer followed up with the 307 CC, based on the larger 307 compact. Right-hand-drive versions were created for sale across the Channel, and I've found this 2006 model in a self-service breaker's yard in York, England. U-Pull-It York boasts an excellent selection of discarded French machinery; in fact, the section for Renaults, Peugeots and Citroens is the biggest in the facility. So far, I've documented just today's Junkyard Scrapyard Gem plus a 2010 Peugeot Bipper from the French section of that yard, but there are many more to come. This car is a 2.0 Sport, which had an MSRP of GBP20,945 in the United Kingdom (about GBP34,642 in 2024 pounds, or $43,763 in 2024 dollars). It has a 2.0-liter DOHC engine rated at 175 horsepower, which was good power for a car weighing just over 3,000 pounds. The transmission is a five-speed manual. The 307 CC was quite a bit more expensive than the tiny 206 CC and GM's retracting-hardtop rival for Europe: the Opel/Vauxhall Tigra TwinTop. It would be fun to have one of these in the United States, though a left-hand-drive one from the Continent would be easier to deal with on our roads. You'll be able to import one legally in 2027! The Wall's Funny Feet car air freshener is a retro design inspired by foot-shaped ice cream bars that were popular in 1980s Britain. There are always new bits of history to discover in a junkyard scrapyard! Buy one and you'll be beautiful and adventurous. You might not be able to fry an egg on the decklid in France.   Featured Gallery Junked 2006 Peugeot 307 CC Sport View 22 Photos Peugeot Automotive History Convertible Classics England french Junkyard Gems Junkyard 2000s Peugeot 307

Stellantis not looking for further mergers, including with Renault

MILAN — Stellantis Chairman John Elkann on Monday denied the carmaker was hatching merger plans, responding to press speculation about a possible French-led tie-up with rival Renault. Elkann said that the Peugeot owner, the world's third largest carmaker by sales, was focused on the execution of its long-term business plan. "There is no plan under consideration regarding merger operations with other manufacturers," said Elkann, who also heads Exor, the Agnelli family holding company that is the largest single shareholder in Stellantis. After abandoning the Russian market, at the time its second largest after France, and reducing the scope of its global cooperation with Nissan, Renault has been seen as a potential M&A target. Speculation intensified after an electric vehicle market slowdown forced it last week to cancel IPO plans for its EV and software unit Ampere. Its market cap remains stubbornly low at little over 10 billion euros ($10.8 billion) despite a financial recovery over the past few years. Stellantis, the product of a 2021 merger between France's PSA and Fiat Chrysler and one of the most profitable groups in the industry, has a market cap of more than 85 billion euros when unlisted shares are factored in. It has a 14 brand portfolio also including Citroen, Jeep, Opel and Alfa Romeo. NEWSPAPER REPORT Italian daily Il Messaggero had said on Sunday that the French government, which is Renault's largest shareholder and also has a stake in Stellantis, was studying plans for a merger between the two groups. A spokeswoman for Renault said on Monday the group did not comment on rumors. France's Finance Ministry had declined to comment on Sunday. Stellantis has crossed swords with the Italian government, which has accused it of acting against the national interest on occasions. Industry Minister Adolfo Urso last week raised the prospect of the Italian government taking a stake in Stellantis to help to balance the French influence. Renault shares pared gains after Elkann's comments to stand 1.2% higher by 1220 GMT, having initially risen more than 4%. Stellantis CEO Carlos Tavares, a Portuguese-national, last week said in an interview with Bloomberg that the group was "ready for any kind of consolidation" and that its job was to make sure that it would be "one of the winners". Analysts, however, question the rationale of a Stellantis-Renault merger, which would also expand the group's excess capacity in Europe.

Drive like a prince: Join us for a walk through Monaco's car collection

Small, crowded, and a royal pain in the trunk lid to drive into during rush hour, Monaco sounds like an improbable location for a huge car museum. And yet, this tiny city-state has been closely linked to car culture for over a century. It hosts two major racing events every year, many of its residents would qualify for a frequent shopper card if Rolls-Royce issued one, and Prince Rainier III began assembling a collection of cars in the late 1950s. He opened his collection to the public in 1993 and the museum quickly turned into a popular tourist attraction. The collection continued to grow after his death in April 2005; it moved to a new facility located right on Hercules Port in July 2022. Monaco being Monaco, you'd expect to walk into a room full of the latest, shiniest, and most powerful supercars ever to shred a tire. That's not the case: while there is no shortage of high-horsepower machines, the first cars you see after paying ˆ10 (approximately $11) to get in are pre-war models. In that era, the template for the car as we know it in 2023 hadn't been created, so an eclectic assortment of expensive and dauntingly experimental machines roamed whatever roads were available to them. One is the Leyat Helica, which was built in France in 1921 with a 1.2-liter air-cooled flat-twin sourced from the world of aviation. Fittingly, the two-cylinder spun a massive, plane-like propeller. Government vehicles get a special spot in the museum. They range from a Cadillac Series 6700 with an amusing blend of period-correct French-market yellow headlights and massive fins to a 2011 Lexus LS 600h with a custom-made transparent roof panel that was built by Belgian coachbuilder Carat Duchatelet for Prince Albert II's wedding. Here's where it all gets a little weird: you've got a 1952 Austin FX3, a Ghia-bodied 1959 Fiat 500 Jolly, a 1960 BMW Isetta, and a 1971 Lotus Seven. That has to be someone's idea of a perfect four-car garage.  One of the most significant cars in the collection lurks in the far corner of the main hall, which is located a level below the entrance. At first glance, it's a kitted-out Renault 4CV with auxiliary lights, a racing number on the front end, and a period-correct registration number issued in the Bouches-du-Rhone department of France. It doesn't look all that different than the later, unmodified 4CV parked right next to it. Here's what's special about it: this is one of the small handful of Type 1063 models built by Renault for competition.

Stellantis earnings rise along with EV sales

AMSTERDAM — Automaker Stellantis on Wednesday reported its earnings grew in 2022 from a year earlier and said its push into electric vehicles led to a jump in sales even as it faces growing competition from an industrywide shift to more climate-friendly offerings. Stellantis, formed in 2021 from the merger of Fiat Chrysler and FranceÂ’s PSA Peugeot, said net revenue of 179.6 billion euros ($191 billion) was up 18% from 2021, citing strong pricing and its mix of vehicles. It reported net profit of 16.8 billion euros, up 26% from 2021. Stellantis plans to convert all of its European sales and half of its U.S. sales to battery-electric vehicles by 2030. It said the strategy led to a 41% increase in battery EV sales in 2022, to 288,000 vehicles, compared with the year earlier. The company has “demonstrated the effectiveness of our electrification strategy in Europe,” CEO Carlos Tavares said in a statement. “We now have the technology, the products, the raw materials and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep from 2024.” The automaker is competing in an increasingly crowded field for a share of the electric vehicle market. Companies are scrambling to roll out environmentally friendly models as they look to hit goals of cutting climate-changing emissions, driven by government pressure. The transformation has gotten a boost from a U.S. law that is rolling out big subsidies for clean technology like EVs but has European governments calling out the harm that they say the funding poses to homegrown industry across the Atlantic. Stellantis' Jeep brand will start selling two fully electric SUVs in North America and another one in Europe over the next two years. It says its Ram brand will roll out an electric pickup truck this year, joining a rush of EV competitors looking to claim a piece of the full-size truck market. The company plans to bring 25 battery-electric models to the U.S. by 2030. As part of that push, it has said it would build two EV battery factories in North America. A $2.5 billion joint venture with Samsung will bring one of those facilities to Indiana, which is expected to employ up to 1,400 workers. The other factory will be in Windsor, Ontario, a collaboration with South KoreaÂ’s LG Energy Solution that aims to create about 2,500 jobs. The EV push comes amid a slowdown in U.S.

CES Part 2: Honda/Sony Afeela, BMW i Vision Dee and more | Autoblog Podcast #763

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor James Riswick and Associate Editor Byron Hurd. This week, they pick up from last week and dig deeper into some of the reveals and news coming from this year's Consumer Electronics Show (CES) including the Ram 1500 Revolution, the Afeela EV collaboration from Sony and Honda, Peugeot Inception, BMW i Vision Dee and VW ID.7, among other highlights and musings from the show. They also discuss the cars they've been driving, including the BMW iX, Mercedes EQS SUV, two-door Bronco Badlands, Mazda CX-50 Meridian Edition and Toyota RAV4 Wilderness Edition. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #763 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown CES 2023 Ram 1500 Revolution Sony Honda Mobility Afeela EV prototype Peugeot Inception BMW i Vision Dee Volkswagen ID.7 Cars we're driving 2023 BMW iX 2023 Mercedes EQS 450 SUV 2022 Ford Bronco Badlands Two-Door 7MT 2023 Mazda CX-50 Meridian Edition 2023 Toyota RAV4 Woodland Edition Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Green Podcasts CES BMW Ford Honda Mazda Mercedes-Benz RAM Toyota Volkswagen Peugeot Truck Coupe Crossover SUV Concept Cars Electric Luxury Off-Road Vehicles Performance Sedan Afeela

2023 CES Editors' Picks

Over the past few years, it has become more and more clear that the Consumer Electronics Show is a car show. And this year that reality is more clear than ever. Not only did established automakers show off seriously important vehicles, but a traditional electronics company brought a car that gives an idea of its intents (with the help of establishment car company). With so many car reveals, we had to rank our favorites. Our picks for this show are entirely electric. Or at least, they are on paper, since many are concepts. Considering the name of the show, it would be a little strange if they weren't. In fact, not only are many of our favorites concepts, they all are save for one. See how they shook out below. VW ID7 camo View 28 Photos 5. Volkswagen ID.7 "The ID.7 definitely got lost in the crowd at CES. That it was camouflaged definitely didn't help, even if that camo was electroluminescent (BMW trumped it big time with its color-changing Dee). Nevertheless, this is a close-to-production hatchback-ed sedan, not unlike today's Arteon, with an extra-long wheelbase courtesy its EV architecture. It should be a solid answer to the Tesla Model 3 and Hyundai Ioniq 6, and even if people obviously prefer SUVs now, VW says there is still a market for sedans. I know I'd probably prefer one." –Senior Editor, West Coast and Reviews, James Riswick Peugeot Inception concept View 12 Photos 4. Peugeot Inception "It's not often that show debuts surprise us. While Peugeot teased the Inception ahead of CES, its unveiling seemed almost incidental. But just look at this thing; it's like an electric French Mustang with someplace important to be. I don't buy into the stupid 'It's not a wheel!' thing that Peugeot CEO Linda Jackson described as providing a video-game-like drive experience, but that bit of silliness aside, this is a really promising design study. Give us more of these and fewer tall boxes, please." –Associate Editor Byron Hurd Afeela prototype from Sony Honda Mobility View 11 Photos 3. Afeela by Sony Honda “Ever since Sony showed off an impressively put-together concept car at CES a few years ago, IÂ’ve been anticipating the companyÂ’s next move. Apparently, that next move is “Afeela.” No, I donÂ’t love the name. The specs from SonyÂ’s original concept car give me hope that this prototype sportback (itÂ’s a hatchback!) will be fun to drive, though.

Peugeot Inception proclaims the sexy French future of electric cars

Continuing with the Stellantis theme of showing concept cars that preview each respective brand's future, Peugeot has brought its Inception concept to CES. And it's beautiful. It's yet another reason we're annoyed that we aren't getting Peugeots in the U.S. The car is a really low sedan, sized similarly to a midsize family car. It's a simple overall shape with long, sharp lines down the sides and on the windshield. It gives the car a classic rear-drive proportion from the side, but that's something of an illusion, as the windshield continues basically to the floor, and an aerodynamic bridge across the front (a bit like that on the Charger Daytona) gives the look of more traditional hood. The dramatically swept-back rear section adds to the rear-biased look. There are neat details the closer you look. The Inception's claw-like daytime running lights are incorporated into one wide glass panel that hides the front driver assist sensors. The taillights echo the front, and they're fitted in infinity glass to make them look as though they extend deep into the car. The enormous glass panels have a gold multi-chrome finish for a distinct look that also reflects light and heat. And the wheels and some of the trim are made partly from recycled polyester fibers molded in resin. The interior is borderline brutalist in its design, with blocky, plain panels. The seats are basically in the floor, and each section adjusts for an ideal driver fit. The dashboard is only in front of the driver in order to keep the cockpit as airy as possible. All the controls for the stereo, climate control and more have been consolidated on the rectangular steering wheel called "Hypersquare." The idea is that all those items can be controlled with your thumbs so you don't have to take your hands off the wheel. The wheel is also steer-by-wire, again to make the front more airy. Apparently Peugeot wants to implement this system in a car by the end of the decade. Ahead of the wheel – ahem, Hypersquare – is a vertical cylindrical screen that displays instruments and other information. It can display it on both sides of the screen, which can be useful when the car is running in SAE Level 4 autonomous mode. Powering the Inception are electric motors at the front and rear making 671 horsepower. Peugeot says it could hit 62 mph in under 3 seconds. A 100-kWh battery provides electricity, and the company claims a range of 497 miles on the WLTP cycle.