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Carmakers seek bigger and faster EU loans
The European car industry needs more state loans - and more quickly - to stave off crisis as sales slump, Renault's chief executive said Wednesday.
Carlos Ghosn, the head of the EU carmakers' association ACEA, said total European car sales could fall by up to 25 percent this year - and output by a quarter - and government incentives were crucial for propping up the market.
The European car industry needs more state loans - and more quickly - to stave off crisis as sales slump, Renault's chief executive said Wednesday.
Carlos Ghosn, the head of the EU carmakers' association ACEA, said total European car sales could fall by up to 25 percent this year - and output by a quarter - and government incentives were crucial for propping up the market.
He urged the European Commission to come up with some EU-wide ideas to prevent competition problems emerging as each of the EU's 27 nations goes it alone with help for carmakers. France has promised euro7 billion ($5.5 billion) in loans for Renault SA and PSA Peugeot Citroen while Sweden has flatly refused to bail out General Motors Corp.'s Saab unit.
He also asked for payment to be made more quickly because vague promises of money to be delivered within months or years would not tackle financing problems now.
Carlos Ghosn, the head of the EU carmakers' association ACEA, said total European car sales could fall by up to 25 percent this year - and output by a quarter - and government incentives were crucial for propping up the market.
The European car industry needs more state loans - and more quickly - to stave off crisis as sales slump, Renault's chief executive said Wednesday.
Carlos Ghosn, the head of the EU carmakers' association ACEA, said total European car sales could fall by up to 25 percent this year - and output by a quarter - and government incentives were crucial for propping up the market.
He urged the European Commission to come up with some EU-wide ideas to prevent competition problems emerging as each of the EU's 27 nations goes it alone with help for carmakers. France has promised euro7 billion ($5.5 billion) in loans for Renault SA and PSA Peugeot Citroen while Sweden has flatly refused to bail out General Motors Corp.'s Saab unit.
He also asked for payment to be made more quickly because vague promises of money to be delivered within months or years would not tackle financing problems now.
