Mired in the same overcapacity crisis as the rest of Europe’s auto makers, the founding family of PSA is reportedly willing to give up control of the company that owns Peugeot and Citroen in exchange for a fresh infusion of capital from GM, which currently owns 7 percent of PSA.
Over at Autobytel, Juan Barnett (better known as DC AutoGeek) takes a look at the history of auto financing, originally intended as a way for the common man to be able to afford an automobile some 90 years ago. The most striking thing is how attitudes have changed so dramatically over time.
Initially, bankers were calling for a ban on financing of personal automobiles, fearing that it would lead to financial imprudence. How times have changed.
In a 2008 letter to the Security and Exchange Commission, a collection of automotive finance companies argued against a proposed federal rule that would have made 60 months the maximum term for an automotive loan. The group said “[that the] 72 month term has become the industry standard,” and that it was critical to the American economy to allow banks to determine independently the risk as it relates to automotive loans. They argued that any mandated term limit would cripple the automotive industry. They were probably right.
When Jack Baruth took the Scion FR-S to the track and pronounced it the least desirable among its chief rivals, some readers were despondent. How could the car that would supposedly provide good care for the sick and slow the rise of the oceans be ranked dead last against a hairdresser’s car and a Korean Pony Car?
The perpetual promise of Alfa Romeo’s return to North America has gone on for so long, it’s become the car guy equivalent of a religious belief that one day, we will be redeemed by Christ/Mashiach/The 12th Imam. Every year, we hear that Alfa is coming, only for it to be pushed back again and again. Now I’m wondering, why bother?
The spyshots were right all along. This is the hatch version of the 2015 Mazda3. We’ll get an official look at the car today at 2:30 PM EST, along with technical details. Europe will get 1.5L and 2.0L gasoline SKYACTIV motors making 99, 118 and 163 horsepower respectively. Expect the 2.0 to make it here, along with the 2.5L engine in the CX-5 and Mazda6. Europe will also get the 2.2L diesel used in the 6, which would be a real treat, and a nice rival to the Golf TDI. No weight figures have been announced, but the new 3 should be a good deal lighter than the current model. No word on a sedan model either.
EDIT: The North America spec 2.0L makes 155 horsepower. No word on a North American diesel. The i-ELOOP regen braking/capacitor system will power the car’s entire electronics, as well as an all new HUD system. Production will take place first in Japan, then in Mexico starting in Spring, 2014. Sales start in September. Sedan to debut in 2 weeks. Weight should be down by a couple hundred pounds, wheelbase is up 2.4 inches while overall length is down by 1.8 inches.
Just as Mercedes prepares to do away with one historic nameplate, it appears to be reviving another. The flagship of the next-generation S-Class range will wear the Pullman badge.
Despite being one of the most antiquated vehicles in Renault’s lineup (at least from a technology standpoint), the Dacia Duster is still its most popular. Through the first 5 months of the year, the Duster sold 155,729 units in Europe, besting the Clio (139,397 units) Megane (133,116 units) and Sandero (124,918).
Next up on the CVT’s hit list is this Honda Civic. Honda’s Tetsuo Iwamura confirmed that the Civic will get an all-new Earth Dreams powertrain, featuring direct injection and a CVT transmission, within the next couple years.
For an extra $550, Mercedes-Benz owners will now be able to enjoy the latest in LED lighting technology, now that a customed LED-illuminated Mercedes logo is available as an option. The logo will stay lit for 40 seconds while the car is unlocked and for five seconds while the doors are open. US regulations prohibit it being illuminated while the vehicle is in motion. Expect this to be very popular with C250 owners, much like the infamous “Bentley grille” was with base-trim Chrysler 300 models in the middle of the last decade.
The Consulier was a two-thousand-pound, turbo-Chrysler-four-powered attempt to build a truly modern sporting automobile. Warren Mosler, its designer, once famously offered $25,000 to anybody who could beat the Consulier around a racetrack with a street car. Depending on how you read the events that then transpired, he was either vindicated or soundly beaten.
Regardless, due to Mr. Mosler’s withdrawal from the car biz, there are now some Consuliers for sale.
As Volkswagen gears up for a decision on expanding their Chattanooga factory, a member of Volkswagen’s supervisory board told the Handlesblatt that any new product would be contingent on VW adopting a works council (explanation by our own veteran of Volkswagen BS here) for the plant.
A proposed law that would have eliminated Tesla’s ability to sell cars in New York state has died on the vine, after lawmakers adjourned their legislative session without taking any action on the bill.
The Detroit Free Press paints a pretty clear picture of the automotive lending landscape: auto loan terms are rising, with 1 in 5 loans now lasting longer than 6 years. At the same time, the average credit score for those taking out loans is dropping. Ominous signs for a car market that’s running on the hype of a perpetually increasing SAAR, right? Well, not according to some.
Europe’s car market may still be in the dumps, but our favorite maker of plucky Romanian low-cost transportation is doing just fine, thank you very much.
Those of you wondering exactly how Tesla’s battery swap technology works, here’s your answer. The fully automated system, said to be akin to a carwash, supposedly takes just 90 seconds. To prove the point, Tesla did a side-by-side comparison with an Audi A8 at a fuel pump. It should be noted that the A8 has an enormous 23.8 gallon tank. As Bertel points out, the battery swap system isn’t cheap – but for the folks who are buying a Model S anyways, it’s not a big deal.
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