European Automakers to Seek €40 Billion in Loans from EC
I'm not even going to comment.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.