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)