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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.

Audi CEO says brand's EVs are almost as profitable as its other cars

After, oh, a hundred years or so of building vehicles primarily powered by internal combustion engines, automakers around the world have been and still are pumping billions of dollars into the development of electric vehicle technology. Everything from platforms and batteries to motors and the software to control it all requires untold hours of development, and that takes time and money. Fortunately, it's not going to take long for that massive investment to start paying off, at least according to Audi CEO Markus Duesmann, who told Reuters in an interview that "The point where we earn as much money with electric cars as with combustion engine cars is now, or ... next year, 2023. They are very even now, the prices." As a brand, Audi contributed more than a quarter of overall profit for the massive Volkswagen Group, which has such powerhouse brands as Volkswagen and Porsche among others. Under the Audi umbrella are Lamborghini, Bentley and Ducati, and it seems those high-end branches aren't going anywhere, at least for now. "These brands ... are very valuable very profitable brands, where we can even expand the synergy level in the future," Duesmann said in the interview. "There are no plans whatsoever to get rid of them." Despite the overall profitability of the brand, the ongoing global chip crisis is causing headaches. "We had a very strong first half in 2021. We do expect a much weaker second half," said Duesmann, who added, "We really have trouble." In fact, so serious is the trouble that the brand is forced into "a day-to-day troubleshooting process" to limit the chip-shortage damage. The good news for the automaker is that Audi has been able to boost its profit margin from 8% prior to the pandemic in 2019 to 10.7% in the first half of 2021. The bad news is that various chip shortages aren't expected to get a whole lot better over the rest of the year. Related video:

VW previews huge screens, gesture control with Golf R Touch Concept at CES

Volkswagen is showing off the future of infotainment and connected driving at CES 2015 with a fleet of concepts that highlight its latest technology. According to its displays, the coming years might mean gesture-based vehicle controls and electric cars that drive themselves to find their own charging locations. VW's biggest debut at CES is its next-gen infotainment system, dubbed MIB II. The setup supports a wide array of smartphone integration standards, including MirrorLink, Apple CarPlay and Google Android Auto, to make sure that practically every smartphone user can pair the device's interface with the vehicle. Beyond just keeping occupants entertained, MIB II offers a system called Regular Routes that detects traffic along the driver's regular commute to work and suggests alternatives. The Parking Guide also helps find parking spots that are likely open. If MIB II represents the near future of VW infotainment, then the technology on the Golf R Touch Concept is the next step from there. It takes the brand's hot hatch and adds support for gesture controls inside, plus a trio of massive infotainment screens. This R features a 12.8-inch central infotainment screen, an 8-inch screen below it for things like the climate control and switching media and a customizable 12.3-inch display that digitizes the instrument panel. A camera in front of the central display waits for the driver's hands to make specific movements that activate various vehicle functions. Despite all of the potentially distracting screens, VW says the system offers control without requiring a look away from the road. VW hopes the technology reduces driver distraction and creates a closer relationship with the car. Another of the German automaker's big tech showcases is an e-Golf that demonstrates the potential future of both electric and semi-autonomous driving. This version can be charged inductively, rather than through a traditional power cord, and the exterior lights show when the vehicle is fully recharged. It's also equipped with the e-Station Guide that helps drivers find a charging location and tells them about the payment options there. This e-Golf's other major innovation is VW's Trained Parking system. A camera at the front scans the route to a parking space, and if the driver returns later, then the process can be done semi-automatically.