European Automakers to Seek €40 Billion in Loans from EC

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Thread: European Automakers to Seek €40 Billion in Loans from EC

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    European Automakers to Seek €40 Billion in Loans from EC

    European Automakers to Seek €40 Billion in Loans from EC
    European automakers will approach to European Commission (EC) seeking €40 billion in loans (US$54 billion) to support their shift to lower GHG-emitting vehicles, according to Fiat CEO and former ACEA (European Automobile Manufacturers Association) president Sergio Marchionne, in interviews given to several financial newspapers at the Paris Motor Show.
    ...
    “We will approach the European Commission for a similar idea to [that of] the US: €40bn is a good number given the bigger size of the European industry. We need a level playing field,” Mr Marchionne said. The US loan has caused concern among German carmakers such as Volkswagen. They think it could discriminate against foreign manufacturers in the US.
    I'm not even going to comment.
    Last edited by mgescuro; 10-06-2008 at 01:36 PM. Reason: Removed inappropriate title

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    Re: European Automakers to Seek €40 Billion in Loans from EC

    €40bn is a good number given the bigger size of the European industry.
    Yeah, sure. 100 different car manufacturers that sell 5000 cars apeice does not a larger
    manufacturing base make.

    Next they're going to try to say that it was good that any success the Iraq war has acheived is due to the pittance of British troops that showed up.

    How does this guy walk through doorways with a head this big?

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    Re: European Automakers to Seek €40 Billion in Loans from EC

    This should be OK for GM though - Adam Opel was formed in 1862, Vauxhall in 1903 and SAAB in 1937. Should the fact they're owned by a US company detract from their European heritage?

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    Re: European Automakers to Seek €40 Billion in Loans from EC

    Quote Originally Posted by Maetrix66 View Post
    Next they're going to try to say that it was good that any success the Iraq war has acheived is due to the pittance of British troops that showed up.
    Not a very intelligent comment - we should be relieved there is a nation out their prepared to stand by us given the questionable morals of the conflict (Especially since the UK has just finished repaying the loans given by us to fight WW2 - with friends like us, who needs enemies).
    Last edited by vxl; 10-06-2008 at 02:01 PM.

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    Re: European Automakers to Seek €40 Billion in Loans from EC

    Quote Originally Posted by vxl View Post
    Not a very intelligent comment - we should be relieved there is a nation out their prepared to stand by us given the questionable morals of the conflict (Especially since the UK has just finished repaying the loans given by us to fight WW2 - with friends like us, who needs enemies).
    Yes, I was going to say that.

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    Re: European Automakers to Seek €40 Billion in Loans from EC

    Actually, the money is more than justified, given the CO2 reduction laws that have just been ratified in the EU.

    So drastic are these new - and, frankly, stupid - laws, that such a figure seems on the low side.

    Imagine how the US industry would react to a mandatory corporate fleet average of 120 grams of CO2 per kilometer? Because that's what is happening in Europe, my friends. Just ask our good and well-informed friend Bravada.

    See, by the new EU standards, an automatic Chevrolet Aveo is classed as an eco-hooligan . . . a grossly-polluting gas-guzzler. Just think about that for a while.

    Now the new CAFE standards don't sound that bad, really, do they?

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    Re: European Automakers to Seek €40 Billion in Loans from EC

    Good, as long as they survive and make money.
    The more fighting against the Japanese the better.

    Forza Fiat.

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    Re: European Automakers to Seek €40 Billion in Loans from EC

    Remember the criticism by the European Automakers for the loan guarantees to the Big Three? Hypocrites! Go to Hell, Europe!

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    Re: European Automakers to Seek €40 Billion in Loans from EC

    Quote Originally Posted by BigThreeForever View Post
    Actually, the money is more than justified, given the CO2 reduction laws that have just been ratified in the EU.

    So drastic are these new - and, frankly, stupid - laws, that such a figure seems on the low side.

    Imagine how the US industry would react to a mandatory corporate fleet average of 120 grams of CO2 per kilometer? Because that's what is happening in Europe, my friends. Just ask our good and well-informed friend Bravada.

    See, by the new EU standards, an automatic Chevrolet Aveo is classed as an eco-hooligan . . . a grossly-polluting gas-guzzler. Just think about that for a while.

    Now the new CAFE standards don't sound that bad, really, do they?
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    Re: European Automakers to Seek €40 Billion in Loans from EC

    Quote Originally Posted by Greg Burr View Post
    Remember the criticism by the European Automakers for the loan guarantees to the Big Three? Hypocrites! Go to Hell, Europe!
    Freedom fries, anybody?


    If we can put aside the rampant Europhobia for a short spell, does anybody know for sure whether GM Europe and Ford of Europe would be eligible?

    They are, after all, an established part of the European automotive world, and have been for getting on for a century. I can't see any reason why they shouldn't qualify.Saab and Volvo, of course, would be included, if so. If that is the case, where's the beef?

    It was raised by somebody else here, but it is worth repeating - a strong European industry means less market share for the Japanese. You remember the Japanese, right? You know, the ones levelling the Midwest.

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    Re: European Automakers to Seek €40 Billion in Loans from EC

    Opel and Ford Europe are obviously eligible (BTW, IIRC they are among the founding members of ACEA, the European organization of automakers, nobody has a problem with them being "American"), FWIK, Toyota, Honda and Nissan are also in the coalition and I guess pretty much everybody selling cars in Europe, or at least building.

    The legislation amounts to European CAFE in its absolute stupidity. It took Europe some 20 years to become so stupidly overregulated as the US is, but the EU won't let USA lead the way forever. This is absolutely stupid and pointless, as it 1) forces automakers to go out of their minds wondering what mix the buyers would choose and adjust accordingly 2) does not affect cars already in the market, private imports (i.e. of American cars - quite a big market) etc.

    Of course the solution like the UK one, which taxes car OWNERS based on emissions is absolutely out of the question, this would too simply actually tackle the problem...

    PS. I've checked with ACEA website - Toyota Motor Europe is now a member too, after some wrangling, and the now-Indian-owned JLR remain a member as well obviously.

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    Re: European Automakers to Seek €40 Billion in Loans from EC

    Thanks, Bravada. I knew you'd know.

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    Re: European Automakers to Seek €40 Billion in Loans from EC

    So it's okay for European automakers to ask for a loan, but it's not okay for US automakers? There's a two sided coin here.

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    Re: European Automakers to Seek €40 Billion in Loans from EC

    This would've never got through (before they negotiated lower CO2 limits instead), hadn't the Congress lead the way. It is amazing to see USA starting the wave of government interventionism!

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    Re: European Automakers to Seek €40 Billion in Loans from EC

    Volkswagen is on the right track. They are a German company and they should be asking the German government and/or the EU for assistance, not the American Federal Government.

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