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The French government kicks in loans to Renault, Peugeot.
It is interesting to note the contrast between government bailout for the auto industry in the United States compared to other governments, particularly in Europe.
The French government, for example, Feb. 9 approved about 8 $ 4 billion in loans to Peugeot and Renault French government would help related to the use of money to maintain production and employment in France According Bloomberg is already behind other European governments complain of protectionism.
That's in stark contrast to the loans from the US government to Chrysler and GM To keep the loans they already have and get more, US automakers are required to demonstrate the long-term viability In turn, the viability is become almost synonymous to reduce production and employment and reducing the costs of labor.
Even today, GM announced it will cut about 10 000 jobs white collar above the previous cuts in both blue collar and white collar Chrysler and GM must submit business plans to the Treasury Department states STATES next week, to maintain the loans they have already received, and to open the way to receive additional support.
Historically, the Japanese government has a reputation for supporting the Japanese auto industry in the wings Japan may be far behind, while governments in Europe and North America work to support their automakers.
Nissan French partner Renault, the word received February 9, he will receive a loan of 3 9 billion government The company said that the French government has also doubled the size of a loan to the captive Renault, about 1 3 billion.
We are very satisfied with the loan granted to us by the French government, said Carlos Ghosn, president of Renault and President and CEO of Nissan.
Given the exceptional crisis impact on our entire industry, access to credit was indispensable for supporting our activity and that of the automotive industry It will also enable us to pursue our developments and investments in sustainable mobility, Ghosn said.
The French government kicks loans to Renault Peugeot CBS News, French, government, kicking.