France Offers Up Almost $9 Billion In Bailout Funds For French Auto Industry

French President Emmanuel Macron on Tuesday unveiled a plan worth €8 billion ($8.8 billion) to save the country’s car industry from huge losses wrought by virus lockdowns, including a big boost for electric vehicles.

“Our country wouldn’t be the same without its great brands – Renault, Peugeot, Citroen,” Macron declared, and announcing a goal of making France the leading producer of “clean” cars in Europe.

The 8 billion euros does not include a 5 billion-euro government loan guarantee under discussion for struggling Renault, or the millions the government has already spent on temporary unemployment payments to auto workers told to stay home for weeks to keep the virus at bay.

MDarringer - 5/27/2020 3:57:46 PM

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Dammit. The French merde continues.

mpls - 5/27/2020 7:35:41 PM

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Currently who owns Renault

French state 15.01%
Nissan 15%
Daimler Pension fund 3.1%
Public 62.74%

more dilution,

CANADIANCOMMENTS - 5/27/2020 9:38:11 PM

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Sadly the natural forces of the market are not allowed to operate as governments will always step in to try to save jobs. Be it the auto industry or the airlines, you just go down the list. There are too many car brands competing for a shrinking pie.

MDarringer - 5/27/2020 11:03:06 PM

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First Mercedes stole from Chrysler to shore up their company.
Then Fiat stole from Chrysler to shore up their company.
Now Peugeot is going to steal from Chrysler.

What does this tell us? The Germans, Italians, and French are NOT our friends.