France Injects USD 8.8 billion in Electric Car Industry
Paris, May 27 (AP): France is injecting more than USD 8.8 billion to save the country's car industry from huge losses wrought by virus lockdowns, and wants to use the crisis to make France the No. 1 producer of electric vehicles in Europe.
Starting next week, consumers can get up to 12,000 euros from the government for buying an electric car under the “historic” plan unveiled Tuesday by French President Emmanuel Macron.
“Our country wouldn't be the same without its great brands Renault, Peugeot, Citroen,” Macron said, decrying an “unprecedented crisis” for the industry that has seen production plunge more than 90 percent in France alone.
Carmakers and governments around the world are grappling with similar losses. Politicians are divided over whether and how to bail out an industr...