France promises €8bn to bail out struggling car industry

France promises €8bn to bail out struggling car industry

France will launch an eight billion-euro plan to save the country’s carmakers after a 90 per cent plunge in sales as a result of the coronavirus pandemic.

French President Emmanuel Macron said the plan included one billion euros in grants aimed at encouraging consumers to buy electric cars, and “make France the leading producer of clean vehicles in Europe.”

Speaking at a factory in northern France, Macron said he wanted to see the production of electric, plug-in hybrid or hybrid vehicles increased to more than one million a year within five years.

French carmakers have been battered by the coronavirus pandemic, which has seen showrooms shuttered and sales plummet.

Renault is due to make an announcement on Wednesday addressing the future of their alliance with Nissan.

Renault, which is currently negotiating a five billion euro loan from the French state, needs to make two billion euros in savings, which could lead to factory closures and job losses in France.

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