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EU bank clears euro3 billion in loans to car makers
The European Investment Bank on Thursday approved some euro3 billion in loans to car manufacturers to help them develop more fuel-efficient vehicles.
It said the loan package would be paid to BMW AG, Daimler AG, Fiat Spa, PSA Peugeot-Citroen, Renault SA, Volvo Cars, Scania and Volvo Trucks and others.
An additional euro2.8 billion should be doled out in April and May, it said, which would bring its loans to car makers to euro6.3 billion since December. It said more loan applications - likely to be approved in June - would raise that to more than euro7 billion.
The EIB warned last week that it was unlikely to channel any more money to the car industry because the planned loans already make up 10 percent of its borrowing plans this year.
The European car industry association ACEA said the package was "insufficient to confront the extraordinary economic circumstances" it was facing as sales slump.
Manufacturers and their suppliers are looking for some euro40 billion in state loans, Renault chief executive Carlos Ghosn said last week. Ghosn currently heads ACEA.
He said governments needed to help plug a credit gap because the industry was in crisis as total European car sales could fall by up to 25 percent this year - and output by a quarter.
It said the loan package would be paid to BMW AG, Daimler AG, Fiat Spa, PSA Peugeot-Citroen, Renault SA, Volvo Cars, Scania and Volvo Trucks and others.
An additional euro2.8 billion should be doled out in April and May, it said, which would bring its loans to car makers to euro6.3 billion since December. It said more loan applications - likely to be approved in June - would raise that to more than euro7 billion.
The EIB warned last week that it was unlikely to channel any more money to the car industry because the planned loans already make up 10 percent of its borrowing plans this year.
The European car industry association ACEA said the package was "insufficient to confront the extraordinary economic circumstances" it was facing as sales slump.
Manufacturers and their suppliers are looking for some euro40 billion in state loans, Renault chief executive Carlos Ghosn said last week. Ghosn currently heads ACEA.
He said governments needed to help plug a credit gap because the industry was in crisis as total European car sales could fall by up to 25 percent this year - and output by a quarter.
