Truemors
is reporting from
Member
NP Rank:
NP Rank:
Peugeot-Citroen & Renault get €6.5bn loan from French government
Share:
by mudricky | February 9, 2009 at 02:32 pm
581 views | 13 Recommendations | 6 comments
Photos
The French government will help French carmakers Peugeot-Citroen, Renault and Renault Trucks with a 6.5bn euro payment due to the fall in demand for cars.
The car makers in turn have pledged to keep French sites open, the president Nicolas Sarkozy said.
France has decided to loan 6.5bn euros ($8.5bn, £5.7bn) to three carmakers, President Nicolas Sarkozy has said.
Peugeot-Citroen and Renault will receive 3bn euros each, while Renault Trucks, which is owned by Sweden's AB Volvo, will get 500m euros.
In exchange, they had pledged to keep French sites open, the president said after talks with carmakers.
The car industry is one of France's biggest employers. Demand for cars has plummeted amid the global downturn.
Industry secretary Luc Chatel said the terms of the car bail-out foresaw a reining in management bonuses.
What is NowPublic?
NowPublic lets people work together to cover news events around the world.
Crowd Power
Michiel2005
NetherlandsNA.dir
India
poolie
St. Augustin, Germany
mafik66
abadan, IranMr.Awenec
Czech RepublicAqualung1981
Spain
Lalogo.fr
Brignais (Lyon), Rhone, FranceTheophilusChin
Singaporepedrosimoes7
Portugalclaudiu.gherman
SpainHans Pama
NetherlandsABDULLAH AL HABBAL
SyriaPaul Eaton
United Kingdomjrug
ItalyGrrrBug
Portugallennart30
Norway
Most RecentMost Recommended Comments (6)
at 15:55 on February 9th, 2009
brtsergio has contributed a photo to this story.
at 16:56 on February 9th, 2009
Well, a loan is better then a bail out. However rather unlikely they will ever pay it back.
at 17:43 on February 9th, 2009
Mitsubishi is to supply its i-MiEV electric vehicle - a zero-emissions version of its i city car - to Peugeot-Citroen, according to reports in the Japanese media.
TheophilusChin has contributed a photo to this story.
at 19:13 on February 9th, 2009
Renault owns Nissan, the Japanese car company. They bought it when Japan's economy crashed in the '90s.
How ironic to see this happen! Just like watching Bank of American buy Countrywide and Merril-Lynch (was it?) and then having to get massive loans themselves.
at 04:31 on February 10th, 2009
We hope that everything is going alright with the French Car Makers now a days although the economic atmosphere was nothing but a mere gloomy shadow on how to make & market well.
Renault held a car show in Syria and their models were great to be honest and to be honest, Renault looks like to have better designs and trends than their rival Peugeot + Citroen here in Syria.
A.Habbal
ABDULLAH AL HABBAL has contributed a photo to this story.
at 11:03 on February 10th, 2009
This is part of a Portuguese, Transportation Company fleet, with the name Transportes Presunção, founded in 1968.
GrrrBug has contributed a photo to this story.