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EU cash package to help auto industry survive downturn
Page 9
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THE EU HAS unveiled a €5bn (f4.2bn) package designed to help Europe's truck, van and car-makers survive the current financial downturn, including loans to manufacturers for inv;2stment in green technologies.
Christian Strciff, president of European automobile industry trade association ACEA and the chief executive of PSA Peugeot Citron, says: "The framework proposed needs to be translated swiftly into concrete and effective measures to help an industry in great danger."
Meanwhile, representatives from the UK commercial vehicle sector and the Society of Motor Manufacturers and Traders (SMMT) have told busine.s.s secretary Peter MandeIsm of the "unprecedented difficulties" the industry faces. Paul Everitt, SMMT chief executive, says: "We emphasised the urgent need to address liquidity and restore demand."
The scale of the problem faced by the industry, truck-makers in particular, is highlighted by Renault Trucks' decision to partially close three sites in France for up to 90 days in 2009 due to falling demand.