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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.

'Car Wars' says Ford, Honda to pick up share, Fiat-Chrysler ambitions downplayed

Don't look for a tremendous shifts in automotive market share over the next three years because it might not be coming. That's at least according to the annual Car Wars report by John Murphy, from Bank of America Merrill Lynch Global Research.
In the report's analysis of automakers' market share from 2013 to 2017, it predicts only small changes among the major companies. Ford and Honda see the biggest positive effect with an estimated 0.5 percent increase in their shares over the next three years; to 16.2 percent and 10.3 percent respectively. On the flip side, European automakers and Nissan are expected to lose 0.2 percent each to fall to 8.3 percent and 7.8 percent each respectively. The rest of the industry is predicted to hold steady as it is now.
The biggest loser in that prediction might be Fiat-Chrysler Automobiles. The report certainly throws a wet blanket on its plan for significant gains in market share. Murphy told The Detroit News that the company's goal was "almost unattainable."

Ford recalls 200K Escape, Transit Connect models over instrument panel

Ford is announcing two new recalls that cover a total of 203,494 vehicles in North America. By far the larger of the campaigns is a recall for 203,445 examples of the 2014-2015 Escape and Transit Connect in North America. Specifically, there are 182,520 units recalled in the US, 18,226 in Canada, and 2,699 in Mexico. For these models, the instrument cluster, warning messages, lights, and chimes might not work at startup. This problem puts the vehicles out of compliance with the federal motor vehicle code, and the fix is a software update. The other recall is minuscule and only affects 49 units of the 2015 Transit that are owned by a single fleet customer. The company's vans have a specially ordered front passenger seatbelt, but the parts aren't labeled correctly under the federal code. Everything works properly, though, according to Ford. The fix is simply a new decal with the required info. No accidents or injuries are known to be related to either of these two recalls. Related Video: FORD ISSUES TWO SAFETY COMPLIANCE RECALLS IN NORTH AMERICA DEARBORN, Mich., June 24, 2015 – Ford is issuing two safety compliance recalls in North America. There are no accidents or injuries attributed to these conditions. Details are as follows: Ford issues safety compliance recall for certain 2014-2015 Transit Connect and Escape vehicles for instrument panel issue Ford Motor Company is issuing a safety compliance recall for approximately 203,500 2014-2015 Transit Connect and Escape vehicles in North America for an issue with the instrument panel cluster. When starting the vehicle, the instrument cluster, warning chimes, messages and warning lights may not work, which is a compliance issue with FMVSS 101 and other applicable FMVSS requirements. If these displays don't work as intended, it could increase the risk of a crash. Ford is not aware of any accidents or injuries associated with this issue. Affected vehicles include certain 2014-2015 Transit Connect vehicles built at Valencia Assembly Plant in Spain, May 13, 2014 to Dec. 10, 2014 and certain 2014-2015 Escape vehicles built at Louisville Assembly Plant, May 19, 2014 to Feb. 6, 2015. There are 203,445 vehicles in North America, including 182,520 in the United States and federalized territories, 18,226 in Canada and 2,699 in Mexico. Dealers will update the instrument panel cluster software at no cost to the customer.