France promises €8bn to bail out struggling car industry
Euronews
Published May 27, 2020 13:32
France promises €8bn to bail out struggling car industry
France will launch an eight billion-euro plan to save the country's carmakers after a 90 per cent plunge in sales as a result of the coronavirus pandemic.
French President Emmanuel Macron said the plan included one billion euros in grants aimed at encouraging consumers to buy electric cars, and "make France the leading producer of clean vehicles in Europe."
Speaking at a factory in northern France, Macron said he wanted to see the production of electric, plug-in hybrid or hybrid vehicles increased to more than one million a year within five years.
French carmakers have been battered by the coronavirus pandemic, which has seen showrooms shuttered and sales plummet.
Renault (PA:RENA) is due to make an announcement on Wednesday addressing the future of their alliance with Nissan.
Renault, which is currently negotiating a five billion euro loan from the French state, needs to make two billion euros in savings, which could lead to factory closures and job losses in France.
Get The App
Written By: Euronews
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.