A group representing European automakers will make a petition for almost $55 billion in loans from the European Union this week, more than double what the United States Congress approved last week for Detroit-based automakers. The European Automobile Manufacturers Association represents 15 automakers, including the European arms of Ford and General Motors.
The automakers will ask for 40 billion Euros in low interest loans primarily to offset the necessary research and development to meet increasingly stringent emissions regulations. The European Parliament set emissions regulations from 158 grams of carbon dioxide per kilometer to 130g/km by 2012, a figure that automakers say they can’t meet before 2015.
Fiat’s CEO, Sergio Marchionne told Bloomberg News that it is “Absolutely necessary that the European Commission do exactly the same thing (as in the U. S.) It was $25 billion for the U.S.; in our case it’s 40 billion (Euros) because we have twice the capacity. We need a level playing field.”
10/08, 11:39 AM
posted by:
pavlindrom
and what’s with the BMW photo? I thought that luxury cars went down the drain and need lots of help.
10/08, 11:52 AM
posted by:
johnnycanuck
It’s encouraging to know regulatory bodies are equally as ignorant no matter what the continent. You can’t just legislate technology. Take the 10% worst polluting vehicles off the road and you’ve eliminated 90% of the emissions. This is not to say they should leave the automakers to their own devices, but maybe turn the heat down just a little.
10/08, 12:22 PM
posted by:
shaver
What a waste, just have Porsche pay for it. They could just tack on to the cost of 911 its clear they can charge whatever they want.