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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.

Win a car while supporting a charity this holiday season

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. No donation or payment necessary to enter or win this sweepstakes. See official rules on Omaze.  The leaves have fallen, there is a crispness to the air and there have already been multiple forecasts of snow, which can only mean one thing: We're coming up on Christmas. While you've been busy thinking about what kind of gifts you're going to give your loved ones, we here at Autoblog have been deciding which dream car we'd like to see in our driveway on Christmas morning. A car for Christmas does seem a bit extreme and expensive, but thanks to these Omaze sweepstakes, it doesn't have to break the bank. Here are the current sweepstakes we'd like to win this holiday season. Win a DeLorean DMC-12 - Enter at Omaze James Riswick, West Coast Editor: Let me be clear, the DeLorean is a pretty terrible car. Its speedometer doesn't even go up to the fabled 88 mph. Seriously, look at the pictures: tops out at 85. Also, who services a DeLorean? And how much would it cost to maintain one? $AlloftheMoney or just $MostoftheMoney? So owning it could be a total headache, but at least by winning one through Omaze, you'd be relieved of the financial burden of buying one in the first place. You'd also get the chance to own one of the most iconic cars of all time, one that transcends car enthusiasm and is instantly recognizable by everyone as the "Back to the Future" car. Plus, "everyone" doesn't know that the DeLorean was actually a pretty terrible car. So, I already own James Bond's car from 1995, why not Doc Brown's from 1985? Win a 2021 Bentley Bentayga V8 - Enter at Omaze Eddie Sabatini, Production Manager: Why am I choosing a +$200K Bentley SUV? Because even if I could afford one I'd never be able to wrap my head around spending money on one. So why not try to win one by donating what I can afford to a good cause? I first saw the Bentley Bentayga up close and personal at the Frankfurt Motor Show (I forget which year but I'll never forget this SUV). And although it looks like the Bentayga Omaze is offering up doesn't have the opulent tailgate setup I fell in love with when I saw it in Frankfurt, I'd still enter to win. Win a 1968 Mercedes-Benz 280SL Pagoda - Enter at Omaze Byron Hurd, Editor: Few automotive marketing efforts stick out in my head more than the Mercedes-Benz holiday spots and magazine placements.

Hot Wheels' 2022 Green Speed cars bring EVs to small scale

With more and more EVs hitting the market, it was only a matter of time before the new breed of cars would find representation in diecast form. For 2022, Hot Wheels is coming out with a new Green Speed series that puts the spotlight on a diverse lineup of electric cars. The five-car series features a fun mix of EVs from different manufacturers and in a wide range of styles. Some are completely bone stock. For a traditional luxury sedan, there's a Lucid Air in silver, complete with glass (or in this case, clear plastic) canopy. For fans of Teutonic 4-door "coupes" there's the Audi RS e-Tron GT in Daytona Gray. Ticking the truck box is a Hummer EV in a yellow that can only be described as a throwback to the H3. But because this is Hot Wheels, there are "hot-rodded" variants in the lineup as well. Rather than just a regular Nissan Leaf, they've elected to cast the carbon fiber-bodied NISMO RC 2.0 race car. Likewise with Ford, instead of the standard Mustang Mach-E, they've gone with the Mustang Mach-E 1400 drift car. This isn't the first time Hot Wheels has put out a Green Speed series. The line debuted in 2016 but reflected the limited EV choices in the real car market at the time. The only non-fantasy cars in the series were a first-gen Tesla Roadster, a Tesla Model S, and Chevy Volt. Hot Wheels revisited the line again in 2019, this time adding a Tesla Model 3 and a Porsche Panamera Turbo S E-Hybrid Sport Turismo. Hot Wheels also makes other mini EVs that don't fall into this specific line of models. If you want to collect 'em all, there's the second-generation Tesla Roadster concept, Cybertruck, Jaguar I-Pace, Pininfarina Battista, Porsche Taycan, and a Volkswagen ID R. Similarly, Matchbox has released a version of the Tesla Roadster with sustainable packaging to boot. If you must have an old school gasoline burner, Hot Wheels has plenty of options for you too, like, say, this snazzy FJ60 Toyota Land Cruiser. The 2022 Hot Wheels Green Speed series should be on shelves at your local retailers now. Related Video: