France’s Finance Minister has announced plans to subsidise purchases and save carmakers

France’s Finance Minister has announced plans to subsidise purchases and save the country’s carmakers 

FRENCH Finance Minister Bruno Le Maire said today that the government is preparing a package of measures to save automakers stung by the coronavirus crisis, including subsidies to encourage purchases of electric vehicles,

“I will announce a plan within two weeks… to relaunch car buying as well as the industry’s transition to a more sustainable model,” Le Maire told France Info radio.

“That means supporting purchases of clean cars. We need to use this crisis as a lever for accelerating our environment transition and to encourage the French to buy cars that today are still too expensive,” he said.

French automakers Renault and PSA, whose brands include Peugeot, Citroen and Opel, are suffering due to factory and dealership closures that sent French auto sales plunging 89 per cent in April from the year earlier.

Renault had already been struggling to recover from the management crisis following the loss of Carlos Ghosn last year after his arrest in Japan on financial misconduct charges.

The French state is already preparing a €5 billion emergency loan for Renault, which has announced a plan to cut spending by €2 billion that could include site closures and the phase-out of several older models.

Like other European carmakers, Renault and PSA are also racing to shift to electric vehicles as authorities worldwide sharply reduce emission limits.

 

FacebookTwitterRedditWhatsAppTelegramLinkedInEmailCopy Link
Go Back
Written by

Damon Mitchell

From the interviewed to the interviewer

As frontman of a rock band Damon used to court the British press, now he lives the quiet life in Spain and seeks to get to the heart of the community, scoring exclusive interviews with ex-pats about their successes and struggles during their new life in the sun.

Originally from Scotland but based on the coast for the last three years, Damon strives to bring the most heartfelt news stories from the spanish costas to the Euro Weekly News.

Share your story with us by emailing [email protected], by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews

Comments


    Leave a comment

    Your email address will not be published.