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The United States, the United Kingdom and France have already announced plans to stimulate the ailing automakers and suppliers that do business in their countries, so it's not too surprising to hear that Spain has joined in the ranks as well. Like those other bailout packages, the Spanish government is highlighting the need to invest in eco-friendly automotive technologies.
According to data provided by the Spanish government, 350,000 people are employed in auto-related industries in Spain and 6 percent of the country's GDP is related to the automotive market. Last year, new car sales in Spain dropped by about 28 percent, which seems to be about the average slump worldwide.
The European Union has requested additional information from Spain regarding the plan before it will sign off on the aid package. Some European countries have complained that France's plan amounts to illegal protectionism.
[Source: International Herald Tribune]