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EU formally questions French government assistance of Peugeot's finance arm

Recently, the finance arm of PSA/Peugeot-Citroën was in such debt trouble that it was pricing itself out of the car loan market. The rates it was paying to service its debt, which was rated one step above junk, were so high that it was forced to charge car-buying customers higher rates than they could find elsewhere. This was adding to Peugeot's already impressive woes by sending revenue out the door to competitors.
Two months ago a deal was worked out with the French government whereby the state would provide 7 billion euro ($9 billion USD) in bonds to guarantee the finance arm's loans. The French government could nominate someone to join the Peugeot board, Peugeot would guarantee more French jobs, and on top of that deal, other banks would provide non-guaranteed loans. The government would take no equity stake in the car company.
Although not yet finalized, the arrangement is meant to create some breathing room for Peugeot Finance to lower its interest rates for customers, and a government-nominated board member, Louis Gallois, was recently named to Peugeot's supervisory board. The arrangement was also openly questioned by at least three competitors: Ford, Renault - which is 15-percent owned by the French government after it received state aid - and the German state of Lower Saxony, itself a 15-percent shareholder in Volkswagen.

Car and Driver lists 10Best for 2013, same as it ever was

Forgive us for having the distinct feeling of déjà vu, but it certainly feels like we've been here before. By that we are referring Car and Driver and the announcement of its annual 10Best vehicles for 2013. To be sure, it's an impressive selection of cars that combine heart-pounding performance and frugal sensibilities, but it also represents something of a broken record on the part of C/D. We're not so sure that's a flaw, though, as the resulting list is tough to argue with.
Vehicles like the Ford Mustang, Porsche Boxster, and BMW 3 Series have maintained their high-horsepower spots on this list for several years now. Even on the more practical and nimble end, the Honda Accord, Honda Fit and Mazda Miata have not budged. These continued spots are even in light of redesigns for some vehicles such as the Accord, Boxster and 3 Series.
In fact, the only newcomer to the 10Best list this year are the Scion FR-S/Subaru BRZ twins, which knocked out the Cadillac CTS-V. We think it would have been a huge misstep to have excluded the FR-S/BRZ, even in light of the supercharged Caddy's lamentable departure from 10Best.

Martin Smith retires, Joel Piaskowski in as Ford Europe design chief

The mind behind the look of much of the modern Ford global range is retiring. Martin Smith, Head of Ford Design in Europe, will give up his position on July 1 and will leave the company altogether at the end of the year. He will be replaced by current Strategic Concepts Group leader Joel Piaskowski (pictured above).
Smith has led Ford of Europe design for the past 10 years, and he was partially responsible for the brand's Kinetic Design language with a large grille and swept-back headlights found on the Focus, Fiesta and C-Max, as well as several other vehicles abroad. After stepping down on July 1 until his retirement at the end of 2014, Smith will work on a project to decide the future direction of the company's look with Moray Callum, its vice president of design.
Piaskowski already has some impressive credentials in terms of automotive design as well. He joined Ford in 2010 as director of exterior design and led the teams responsible for the 2015 Ford Mustang and next-generation F-150. He was also previously design director at Ford Asia Pacific. Before working at the Blue Oval, Piaskowski held positions at Mercedes-Benz, Hyundai and General Motors. Scroll down to read the complete announcement of this changing of the guard.