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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.

Most American Cars | Honda Makes the Top 10 List

The car built with the most American/Canadian parts content is the 2021 Ford Mustang GT – with the manual transmission, specifically, no less – giving Ford a second consecutive year atop the American University Kogod Business School annual "Made in America Auto Index. We already knew that it doesn't get much more American than a V8 pony car, but now we've got the numbers to prove it.  Ford's iconic coupe takes the number one slot pretty convincingly this year, with 88.5% of its components coming from U.S. or Canadian sources. Appropriately, though perhaps confusingly, 21 models made the top 10 list in 2021. As you may have surmised, this is the result of multiple ties. Note also that many models appear more than once to account for variants built with parts from different sources. The top-ranked Mustang is a perfect example; The automatic drops into into a tie for 10th, right next to the EcoBoost model and Ram's 1500 Classic with the 3.6L V6.  The "America" theme runs pretty strongly through the top "10," with the Chevrolet Corvette sitting pretty in second place, followed by all three variants of Tesla's Model 3 electric car. Honda also makes several appearances thanks to its rather significant U.S. manufacturing footprint. Here are the 21 vehicles that make up the top 10 this year – don't worry, it feels just as weird to type as it does to read. Last year's winner, the midsize Ford Ranger pickup, cratered to 16th place, dropping from 70% American parts content to just 45%. Keep in mind, however, that the pandemic has forced automakers to source parts outside of their normal supply chains, and such drops should be taken with a grain of salt. Kogod noted that the overall proportions of content between manufacturers remained relatively unchanged despite what appear to be significant shake-ups such as this one.  "While the trend TDC for cars assembled in the US is consistent over time, both Daimler and Subaru saw significant drops in their average US content," the summary said. "This may be the result of US shortages of parts and components as the impacts of the covid pandemic created significant disruptions in automotive supply chains." Watch Ford Build a Bronco: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Ford to pay $17.35 million over Escape recall

Ford had a bit of a recall spree around this time last year, with a pair of issues on the then-new 2013 Escape, followed by a recall of 423,000 2001 to 2004 Escapes because they might accelerate of their own accord. Accordingly, Uncle Sam pasted Ford with a $17.35 million fine because it took too long to inform customers, according to a report from Automotive News.
Ford agreed to settle with the National Highway Traffic Safety Administration, accepting the fine but not admitting fault. The recall, which afflicted Escapes with the 3.0-liter V-6 along with 217,000 Mazda Tributes from 2001 to 2006 and 2008, was due to faulty gas pedals that could stay down after a driver removed their foot.
Ford issued a statement regarding the fine, saying, "We take the safety of our customers seriously and continuously evaluate our processes for improvements. While we are confident in our current processes for quickly identifying and addressing potential vehicle issues, Ford agreed to this settlement to avoid a lengthy dispute with the government."