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President Trump to visit Michigan on Wednesday to attend auto-related event

President Trump will visit the Detroit area on Wednesday for the first time since taking office, the Detroit News reports this morning, to meet with officials of automakers, suppliers and unions, and to attend a rally of autoworkers. Trump might use the event to announce his intentions to roll back fuel-economy standards for cars and trucks. The automakers agreed to the standards, which set a goal of a fleet average 54.5 miles per gallon by the year 2025, under President Obama, but they have lobbied Trump to repeal them. "This is a continuation of a dialogue with the auto industry leaders, and also going back and reconnecting with a lot of the people who elected him," Chris Liddell told the News. Liddell is former chief financial officer of General Motors and now assistant to the president for strategic initiatives at the White House. Trump might also use Wednesday's visit to advocate the House Republicans' proposed replacement for the Affordable Care Act. Later Wednesday, he will attend a campaign-style rally in Nashville, and White House Press Secretary Sean Spicer has said the president intends to hit the road to sell the American public on the Obamacare replacement plan. The auto industry has been high on Trump's agenda - and a focus of his rhetoric to return manufacturing jobs and facilities to the United States. During his first week in office, Trump met privately at the White House with the CEOs of Ford, GM and Fiat Chrysler, and GM CEO and Chairman Mary Barra and Ford CEO Mark Fields are members of Trump economic advisory groups. He has criticized Ford and GM for making cars in Mexico and took credit when Ford scrapped plans for a new plant there. Related video: Government/Legal Green Chrysler Ford GM Fuel Efficiency Detroit Michigan

10 automakers sued over keyless ignitions

Keyless ignition has rapidly proliferated throughout the auto industry to become a fairly normal feature on new cars. It's supposed to offer the convenience of keeping the fob in your pocket and just pressing a button to drive away. However, ten major automakers are now being sued in US District Court over claims that the system is dangerous, Reuters reports. The suit alleges that people are forgetting to shut off the engine, and the lack of an idle timer is the cause for 13 deaths by carbon monoxide poisoning and multiple injuries. The suit currently includes 28 plaintiffs, according to Reuters, but the lawyers are asking for class-action status to potentially add many more. The case goes after a major swath of the industry, including BMW, Daimler, FCA, Ford, General Motors, Honda, Hyundai, Nissan, Toyota, and Volkswagen, plus their related brands like Acura, Infiniti, Mini, and Lexus. In all, over five million vehicles are affected. The assertion here is that people walk away from their vehicle without shutting it off because they believe the engine shuts off automatically. If parked in a garage, carbon monoxide can build up, leading to poisoning. The lawyers claim automakers know this is a problem and also cite 27 complaints to the National Highway Traffic Safety Administration about the issue, according to Reuters. The plaintiffs are asking for an automatic shut-off and damages from the companies. These concerns have come up before, though. Toyota previously faced a lawsuit over a carbon monoxide death after a woman accidentally left her Lexus running. Also earlier this year, GM recalled 64,186 examples of the 2011-2013 Chevrolet Volt because owners weren't shutting them off. The problem resulted in two injuries, and the company released a software update to limit the idling time.

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.