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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.

Hyundai, BMW and Ford win Concept Vehicle of the Year awards

More than two dozen jurors started with a pool of 23 concept cars introduced at the most recent Los Angeles, Detroit, Chicago, Toronto and New York auto shows, then pared it down to three winners in three categories for the twelfth annual North American Concept Vehicle of the Year Awards. The trophy-bearers are said to be those "vehicles most likely to shape the future of the automobile industry," and lead their classes in the Concept Car, Concept Truck and Production Preview divisions.
Hyundai had two cars as finalists for the Concept Car category, the competition boiled down to the Hyundai HCD-14 Genesis concept, Veloster C3 Roll Top, Honda EV-STER and the Toyota Corolla Furia. It won with the HCD-14 Genesis that was introduced at the Detroit Auto Show, a sharp sedan that sharply divided opinion between those who thought it was too much, those who thought it was too much Audi A7, and those who thought it was perfect. The award panel's judges, however, thought so much of it that it's got two awards in one sitting, not only taking concept car honors, but because it earned the highest overall score in the competition it also takes the crown for Most Significant Concept Vehicle of 2013.
The final selection in the Concept Truck category was down to the Ford Atlas, Kia Cross GT, Nissan Resonance and Volkswagen Cross Blue. The Ford Atlas took the silverware, after also winning the Eyes on Design award - shared with the Nissan Resonance - at the Detroit Auto Show where it was introduced.

Ford announces recall of 220,000 units in three different actions

Ford has announced three separate recalls affecting 220,000 vehicles built between model years 2011 and 2015. By far the biggest affects just under 213,000 Ford Explorer and Police Interceptor Utility SUVs from MY2011 through 2013. In these vehicles, a spring in the doorway handle could be come unseated, Ford reports, causing the doors to open in a side-impact accident. The affected vehicles were built over a wide range of dates, starting with February 1, 2011 and November 30, 2012. As usual, the majority of the 212,911 vehicles were sold in the US market – 194,484 vehicles, in fact, while Canada and Mexico split the remainder, with 12,392 and 6,035, respectively. The other two recalls focus on specialty vehicles, with Ford recalling 6,500 F-Series Super Duty ambulances and emergency trucks from model years 2011 to 2015. In the case of the 2014 and 2015 F-Series, only trucks with the 6.7-liter turbodiesel are affected. These trucks may have faulty exhaust gas sensors, which according to Ford, could cause the trucks to think they're in a high-temperature situation. The trucks in questions were built at Ford's Kentucky truck plant between February 22, 2010 and February 1, 2015. Finally, the Blue Oval is recalling 1,725 specialty Lincoln MKT crossovers from MY2013 to 2015. These include limos and hearses built between March 6, 2012 and March 4, 2015. Affected MKTs may have a faulty vacuum pump relay that could cause a fire under the hood. In the case of the Explorers, dealers will inspect all four door handles and repair them as needed. The Super Duty's will get software updates, while the MKTs will have the vacuum pump relays replaced outright. A pair of MKT fires has been the only reported incident caused by the recalled components, while the company is unaware of any injuries or deaths. Scroll down for the official press release from Ford. Related Video: FORD ISSUES THREE SAFETY RECALLS IN NORTH AMERICA DEARBORN, Mich., March 25, 2015 – Ford is issuing three safety recalls in North America. No accidents or injuries are attributed to these conditions. Details are as follows: Ford issues safety recall for certain 2011-2013 Ford Explorer and Ford Police Interceptor Utility vehicles for interior door handle issue Ford is issuing a safety recall for approximately 213,000 2011-2013 Ford Explorer and Ford Police Interceptor Utility vehicles in North America (actual 212,911) for an issue with the spring that controls the interior door handles.