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10/10/2008 08:24 AM
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France to Provide 400M Euros to Carmakers
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France will provide 400 million euros over the next four years to fund development of low-carbon emission vehicles, French President Nicolas Sarkozy said yesterday at the Paris auto show.
European carmakers are facing stricter emissions rules under new European Union mandates, and automakers around the world are seeing sales figures fall as economic uncertainty rises.
Sarkozy also said he will push for changes in EU rules to allow member countries to provide financial aid to car makers to help them remain competitive in the global market.
Sarkozy referred to a recent move by the U.S. Congress to supply automakers with $25 billion in low-interest loans to retool factories for the production of more fuel-efficient vehilces.
"I don't want us (Europeans) to be living in a framework that doesn't allow us to help our own carmakers undertake a major technological shift," Sarkozy said.
