Following in the footsteps of similar programs in the United States and the United Kingdom, the French government has approved a bailout of sorts for its domestic automakers and their financial arms. Portions of these funds are to be used to further the development of green automotive technologies, including hybrids and fully electric vehicles. The main condition to receiving this money is that the automakers must keep their French factories open and operational.
Here's a quick rundown of what's being doled out: Renault and PSA Peugeot Citroën will each get loans totaling $3.9 billion, while their captive financing units will each receive $1.3 billion in loan guarantees. This should help consumers looking to purchase cars get the credit that they need. Renault Trucks, which is a unit of Swedish truckmaker Volvo AB, has been awarded $640 million and auto suppliers with operations in France will get $785 million in loans.
[Source: Inside Line]
Here's a quick rundown of what's being doled out: Renault and PSA Peugeot Citroën will each get loans totaling $3.9 billion, while their captive financing units will each receive $1.3 billion in loan guarantees. This should help consumers looking to purchase cars get the credit that they need. Renault Trucks, which is a unit of Swedish truckmaker Volvo AB, has been awarded $640 million and auto suppliers with operations in France will get $785 million in loans.
[Source: Inside Line]
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