France sets 8B-euro aid for car industry

PARIS: French President Emmanuel Macron unveiled an 8-billion-euro ($8.78 billion) rescue plan to help the recovery of the domestic auto industry hit hard by the anti-coronavirus lockdown. The plan focuses on the production of environmentally friendly vehicles.

“The state will provide more than 8 billion euros in aid to the sector,” Macron said. “In return, the car manufacturers have committed to relocate value-added production in France and to consolidate and maintain all industrial production on our sites.”