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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.

Car-crazy 5-year-old boy writes automakers for treasures, gets big response

Part of the beauty of children is that they can find worth in something adults might deem unworthy or overlook entirely. Five-year-old Patch Hurty didn't see garbage or a broken piece of a car when he spotted a Ford badge lying on the side of a road. He saw an artifact, a souvenir, a start to a collection he could only dream of. Ezra Dyer of Popular Mechanics tells the story of Patch and his quest to turn that one lost badge into a museum of manufacturer logos. According to the article, Hurty is a car fanatic through and through, even using car names as a way of learning to read. After finding the Ford badge near his Connecticut home, he and his mom put together a plan to reach out to dozens of automakers, confessing his love of things on four wheels. In each letter, Patch assembled a picture of himself standing next to one of the cars, and a penny to pay for whatever he hoped was sent his way. The response was unexpectedly and overwhelmingly positive. Of the more than 50 letters he sent out, including to obscure or defunct companies such as Bugatti, Suzuki, and Saturn, a majority responded with warm notes and some type of souvenir. Two of the coolest responses came from Lincoln and Bentley. Lincoln sent a sketch of a Continental (all car lovers enjoy drawing cars, right?), and Bentley sent a wheel center cap. How awesome is that? The story reminds us of something that can easily be lost in all of the negativity involved with the auto industry: Everybody is in this because of a common infatuation with automobiles. For more details on the souvenirs Patch received and accompanying photos, read the rest of the story. Related Video: News Source: Popular Mechanics Read This Bentley Bugatti Ford Lincoln Saturn Suzuki

Ford books $2.6B pretax quarterly profit

While its crosstown competitors at General Motors are smarting over a drastic drop in net income to $200 million in the second quarter, Ford has reason to celebrate. The Blue Oval has announced its own Q2 financial results, including a growing net income of $1.3 billion, a $78 million increase over last year. Pretax profits for the company reached $2.6 billion, up $44 million from 2013, but total revenue dropped slightly to $37.4 billion, down from $37.9 billion. Profits per share before one-time charges totaled 40 cents per share, beating Wall Street analysts' expectations of 36 cents a share.
Regionally, the Blue Oval performed strongly, as well. North America posted a record quarterly pre-tax profit of $2.4 billion, a $119 million increase. Europe also showed signs of turn around with its first profit in three years of $14 million after a loss of $306 million in Q2 2013. Ford is actually predicting profitability in the troubled region in 2015. Asia Pacific operations also performed well with $159 million in profits, up $29 million from last year. The only region where the business posted a loss was South America.
According to Automotive News, Ford also announced more precise plans about the changeover to build the aluminum-intensive 2015 F-150. In August, the Dearborn plant will shutdown for eight weeks to retool and its Kansas City plant will do the same next year.