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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.

Ford Sync 3 launches this summer on 2016 Escape, Fiesta [w/video]

The days of MyFord Touch are nearly over. Ford unveiled its brand-new Sync 3 infotainment system late last year, and has now announced that the first vehicles to receive this tech will be the 2016 Escape and Fiesta, this summer. The big improvements for Sync 3 include faster response time, better voice command integration, more logical controls, and a more intuitive interface. Those were all the key complaints of MyFord Touch – especially the response-time issue. Furthermore, future Sync 3 updates can be downloaded via WiFi. Sync 3 ditches the Microsoft-sourced software that powered MyFord Touch. Instead, Ford uses the Blackberry-owned QNX system. Ford will update its full range of vehicles in the near future, with complete integration by the end of the 2016 calendar year. Lincoln will get this tech, too, but with a slightly different look. Have a look at Sync 3 in the video below, and scroll down for Ford's official press blast. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. ALL-NEW FORD SYNC 3 CONNECTIVITY SYSTEM LAUNCHING ON 2016 FORD ESCAPE AND FIESTA THIS SUMMER – SYNC® 3 – Ford's all-new communications and entertainment system – features faster performance, conversational voice recognition, intuitive smartphone-like touch screen and easier-to-understand graphical interface – Other new features include seamless integration of AppLink™ for a simple way to control smartphone apps, Siri Eyes-Free capability for Apple iPhone, software updates via Wi-Fi, and enhanced 911 Assist® for subscription-free emergency calling in the event of a significant accident – SYNC 3 to launch in North America on 2016 Ford Escape and Fiesta – on sale this summer – providing a safer way for Ford customers to connect their smartphones while keeping their eyes on the road and hands on the wheel DEARBORN, Mich., June 2, 2015 – Ford announced today its all-new SYNC® 3 technology debuts this summer in North America on the 2016 Ford Escape and Fiesta. The new communications and entertainment system is faster and easier to use with enhanced response to driver commands. With the debut of SYNC 3 for Escape and Fiesta, Ford is launching its newest in-car connectivity technology as an option in one of its highest-volume vehicles, Escape, and in its most affordable car, Fiesta.

All eyes on Detroit as automakers prepare for slow, careful reopening of plants

DETROIT — The U.S. factories that make Fords, Chevys and Jeeps are coming back to life this week as workers install new safety equipment and wake up machines ahead of the high-stakes restart the Detroit automakers plan to launch on Monday. Ford, General Motors and Fiat Chrysler Automobiles all plan to reopen North American factories on May 18. The reopening of the U.S. auto sector will be a closely watched test of whether workers across a range of industries can return to factories in large numbers without a resurgence of COVID-19 infections. How well the automakers do will be significant for the U.S. economy, as nearly 1 million workers are employed in the sector. Executives at Ford and GM said separately this week the companies have not recorded any cases of COVID-19 transmission in plants outside the United States since adopting new safety protocols. Those procedures include mandatory face masks, separation of workers on assembly lines, frequent cleaning of work areas and requirements that workers pass through temperature monitors and report any symptoms before entering a plant. The Detroit Three have taken unprecedented steps to share information about coronavirus safety practices and develop a common set of workplace standards for their restarts, working with the United Auto Workers union, executives said. "We thought it was critical that we did it together," Ford manufacturing and labor chief Gary Johnson told Reuters. "We've never done this as an industry." The Detroit automakers will restart U.S. plants without regular testing of workers, because they do not have access to sufficient testing capacity, executives and UAW officials said. They will test workers who report COVID-19 symptoms or have fevers discovered by temperature scanners installed at factory entrances. "We have to continue to push for this testing," United Auto Workers union Vice President Cindy Estrada told Reuters on Wednesday. "Unless we have testing weekly to keep sick people out of the plant there is always a risk." Adopting new safety practices is just part of the work the companies must do to reopen after an extraordinary shutdown that has lasted two months.   Wave zero At Ford, workers going in to ready factories are part of what Chief Operating Officer Jim Farley calls "wave zero." The work of wave zero employees "is really important for success of the startup," he said in an interview.