European Automakers Asking for $54 Billion in Aid

MMS ID 67088 (created by CM Utility) automatic-content-migration

It seems automakers overseas are watching what’s happening in the U.S. very closely. An association of 15 European automakers is using the $25 billion in low-interest government-backed loans American automakers received last week as the basis for a $45 billion package they’ve created.

As we mentioned yesterday, new-car sales are also down in Europe, and automakers need help bringing their cars up to a stringent European emissions code. Sound familiar? American automakers said they needed the loan to help develop products to reach a 35 mpg CAFE standard in the next decade.

Oh, and GM, Ford and Toyota’s European businesses are included in this loan push, too.

Euro carmakers seek $54.5B in aid (Detroit News)

Photo of David Thomas
Former managing editor David Thomas has a thing for wagons and owns a 2010 Subaru Outback and a 2005 Volkswagen Passat wagon. Email David Thomas

Latest expert reviews