Australia’s government announced that it will be giving its domestic auto industry a $2.4 billion (USD) kick, Prime Minister Kevin Rudd said today. Only three car companies actually build automobiles in the country, two of which – Ford and General Motors – are seeking aid from the United States government, as well.
About 320,000 cars are built annually in Australia by Ford, GM and Toyota.
“Some might say it’s not worth trying to have a car industry,” Rudd told CNBC in Melbourne, where much of Australia’s automotive industry is headquartered. “That is not my view, it is not the view of the Australian government.”
The Prime Minister said Australia would outlay $2.4 billion from 2011 to 2020 to transform the industry, including money for a “Green Car” fund designed to help automotive companies design and sell a locally-made, environmentally friendly car.
11/10, 10:36 AM
posted by:
mayer_ray_nagin
It’s okay if they do it because they are not Americans.
11/10, 11:45 AM
posted by:
Lariat Luxury Locomotive Liner No.3
Bailouts do not work here or abroad. The simple fact is that car companies were caught with their pants down and missed the realities of the current situation…now, and into the future.
11/10, 1:49 PM
posted by:
A4
um no? its the economic downturn at this point, it has nothing to do with them being “caught with their pants down”
if it was their fault, screw ‘em they shouldve done better – its not at this point and the fact that EVERYONE is hurting just proves it further. They need government aid ASAP.
11/10, 2:09 PM
posted by:
jamesmazgaj
G-day!
11/10, 10:10 PM
posted by:
eddie_313
i dun understand y holden is facin this downturn!!
i mean, dunno abt other countries, but in da mid-east “chevorlet lumina” (holdens r sold under the chevorlet badge here) are like the most favourite mid size saloons!! u can see em on every street!!
if they r sellin so many, thn wats wid the downturn?
11/11, 12:55 AM
posted by:
Lariat Luxury Locomotive Liner No.3
Australian Business Confidence At Record Low
11/11, 6:11 AM
posted by:
bghewy
Why is Holden trouble, probably because GM is bleeding them dry. Wish GM would go under and someone else could take over Holden. They have proven that they can build top quality cars on tight arse budgets. Although i am a FORD man, i congratulate holden on all they have achieved.
11/12, 3:05 AM
posted by:
falcodore
Its a shame Americans never got to taste the Falcon, Ford US and all americans would be richer for the experience!