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Top Gear names BMW i8 Car of the Year, Corvette, Ferrari, Mercedes also win big

The lads at Top Gear have released their listing of the finest cars of the past year, handing the ultimate honor to BMW's revolutionary i8 plug-in-hybrid supercar. "The i8 is a milestone in the annals of automotive history and a glorious statement for an exciting and positive future. The i8 delivers - and then some," the British mag wrote. The i8, though, was far from the only hybridized car to take victories. James May and Richard Hammond both highlighted hybrids as their personal cars of the year, with May saluting the Ferrari LaFerrari and the Hamster, unsurprisingly, heaping praise on the Porsche 918 Spyder. Jeremy Clarkson, meanwhile, opted to shock many by selecting not only an American car as his best of 2014, but giving the honor to of all things, a Corvette. Clarkson wasn't the only person to honor the USA's iconic sports car, with the new, 650-horsepower Z06 variant being named TG's Muscle Car of the Year. Other big winners include Mercedes-Benz, which TG honored for S-Class Coupe (Luxury Car of the Year), the new AMG GT (Sports Car of the Year) and the not-for-US C-Class Estate (Family Car of the Year). The 458 Italia Speciale A snagged a second win for Ferrari. The best of the rest include the Citroen C4 Cactus, Renault Twingo, Volkswagen Golf R, Lamborghini Huracan and Audi TT. Take a look below for the celebratory press blast from BMW. The BMW i8 wins Top Gear Car of the Year The BMW i8 has been named as Top Gear magazine's global Car of the Year 2014. The plug-in hybrid performance vehicle beat off some stiff competition from a host of other premium and luxury manufacturers to win the overall award. The editorial team of Top Gear commended the BMW i8 for its breadth of abilities. Its 1.5-litre three-cylinder turbocharged petrol engine combined with an electric motor gives searing acceleration and driver enjoyment but all wrapped in a package that takes BMW's EfficientDynamics philosophy to the extreme courtesy of CO2 emissions less than 49g/km and a 135mpg combined cycle figure. Charlie Turner, Editor in Chief at Top Gear magazine, said: "The BMW is a milestone in the annals of automotive history and a glorious statement for an exciting and positive future. The i8 delivers – and then some. It's the kind of car we should celebrate, a beautiful vision of the future, delivered now.

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 companies may need to start curbing model proliferation

Looking at the current automotive landscape, especially from German makers, you quickly get the impression that less definitely isn't more. BMW alone offers its 3 Series platform in practically every segment possible, including the regular sedan and 4 Series Gran Coupe, which would seem to be direct competitors. Porsche might be the winner, though, with 20 different variants of the 911 listed for sale on its US website. However, some of this model madness might be reaching an end as companies begin cutting back spending or shifting money to other priorities.
According to Yahoo Finance, the offerings from the German automakers are up 25 percent over the past three years to over 200 models in Europe. The peak is expected to come around 2018 at 230 separate vehicles, according to consulting company PwC.
Amazingly, BMW, which is among the poster children for this model explosion, might be changing its tune. "I'm sure there will be points in the future where we look at certain cars and say, 'Maybe we need to think differently now,'" said head of sales Ian Robertson in an interview, according to Yahoo Finance. The statement certainly sounds shocking coming from a company rumored to have 23 front-wheel-drive vehicles all using a single platform on the way.