Commission ready to help Europe's car industry

As we all know, the auto industry is sometimes subsidized by Governments, especially in hard times like this. In the case of the EU, its Commission President Jose Manuel Barroso and Industry Commissioner Guenter Verheugen have announced that the European car industry would get help - if automakers produce clean cars. The European Automobile Manufacturers Association (ACEA) wants a €40 billion loan package to help it develop EU-required green technologies. ACEA claims that, without this help, they won't be able to meet any of the carbon limits proposed for 2012, even though the European Investment Bank said that they've already lent about €7 billion. Besides the money, ACEA is asking for other types of help, including incentives for car owners to scrap vehicles over eight years old.

[Source: Automotive News (subs. req'd)]