While Equitorial Guinea is one of the wealthiest countries in Africa, only half of the people have access to clean, safe drinking water. One fifth of children born in the country die before they are five years old. Two years ago the French government raided the €80 million, 101-room mansion near the Champs Elysees belonging to Teodorin Obiang, the son of the president of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, in power since 1979. Among the treasures found in the mansion were a cache of supercars, which have now been sold off.
Peugeot gave up on the North American market after the 1991 model year, thanks to poor sales of their new 405. I haven’t seen one of these cars on the street for at least 15 years, and junkyard sightings have been correspondingly rare. When I spotted this car at a Northern California self-serve yard a couple months back, it took me a moment to figure out what it was. (Read More…)
Renault hopes to get going on its foray into China, and to sign a joint venture agreement with Dongfeng, Reuters says. “We are waiting for an official invitation from the Chinese industry ministry,” Reuters heard from an insider. Rumors of an impending JV kept Chinese media guessing and speculating for years. (Read More…)
Imagine (sorry) you are on your death-bed, surrounded by your friends and families, who are divided in two camps. One group bets big on how soon you will die. The other group calculates how much your body-parts will bring after you are cut up. Now you know how PSA poor Peugeot Citroen must feel. (Read More…)
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.
As we all know, the European car market is in bad shape. France, one of Europe’s volume markets, is especially hard hit. The month of May was no exception. The French market was down 10.3 percent. Red ink and nose blood was running just about everywhere. Everywhere except Fiat. Fiat, the Italian patient, looks amazingly alive in France. Their passenger vehicle sales were up a whopping 12.3 percent in May and 6 percent for the first five months. In a market that tanks, just staying afloat would be a big deal. Double digit is huge. It was, until the scrappy auto site 7pm-auto.fr started digging. They found that the growth was made by dealers buying their own cars. (Read More…)
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.
We can’t help it that there is so much crummy news about GM, but here is something decidedly positive: GM “has no plans to make additional investments in its French partner PSA Peugeot Citroen SA which is subject to the depressed European automobile market,” Dow Jones Newswire says via NASDAQ. The wire heard it from Dan Akerson himself, so it must be true. (Read More…)