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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.

Ford reveals 345-horsepower output for new Focus RS [w/video]

When Ford revealed the new Focus RS at the Geneva Motor Show, it promised it would deliver "well in excess of 315 horsepower." It didn't say exactly how much that would come to, but now it has. On the eve of its dynamic debut at the hands of Ken Block at the Goodwood Festival of Speed, Ford has confirmed that its new hot hatch will pack 350 metric horsepower. Those reaching for their calculators will find that works out to 345 horsepower by our standards. The power output is backed up by 324 pound-feet of torque, capable of being boosted up to 347 for up to fifteen seconds at a time. Those figures come from a retuned version of the same 2.3-liter EcoBoost turbo four as the one available in the Mustang, but produces over ten percent more power thanks to a new turbocharger, upgraded intake and exhaust, and a larger radiator. All that muscle will be channeled to all four wheels through Ford Performance's new all-wheel drive system with dynamic torque vectoring, launch control, and selectable drive modes, including a Drift Mode that (as you can see from the video below) allows the hot hatch to get more than a little sideways. Ford still isn't saying what those specs will translate to in terms of measurable performance figures, but as far as output goes, things are looking pretty good. The 30th Ford RS model already packs more power and torque than the new Honda Civic Type R (306 hp, 295 lb-ft), Volkswagen Golf R (292 hp, 280 lb-ft), Subaru WRX STI (305 hp, 290 lb-ft) or the Nurburgring-conquering Renault Megane 275 Trophy-R (271 hp, 266 lb-ft) and Seat Leon Cupra (276 hp, 258 lb-ft). It even respectably holds its own against the more upscale BMW M235i (320 hp, 330 lb-ft), Mercedes A45/CLA45 AMG (355 hp, 332 lb-ft), and Audi RS3 (362 hp, 343 lb-ft). Whether it'll outshine them all in real-world conditions remains to be seen, but we're looking forward to finding out whenever Ford deems fit to drops those performance stats on us. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Meet Floyd Pullin, 102-year-old honorary president of Ford trucks [w/video]

When we talk about trucks we often talk about how loyal truck owners are; it's men like Floyd Pullin who provide the proof. The 102-year-old man from Confluence, Pennsylvania has only owned Ford products since the 1920s, and he's done so well by Ford Trucks that the division named him honorary president for a day, not long after he took delivery of his latest ride, a 2013 F-150 STX.
That's the 16th Ford he's owned. If he bought his first when he was 16, he'd have flipped into a new car or truck about every five years. For 86 years. Not a bad run of business for either side.
Ford Trucks made a video to wish Pullin a happy birthday, which was celebrated at his local Ford dealership and was visited by a Pennsylvania state senator. You can watch it below.