European Automakers Asking for $54 Billion in Aid

It seems automakers overseas are watching what’s happening in the U.S. very closely. An association of 15 European automakers is using the $25 billion in low-interest government-backed loans American automakers received last week as the basis for a $45 billion package they’ve created.

As we mentioned yesterday, new-car sales are also down in Europe, and automakers need help bringing their cars up to a stringent European emissions code. Sound familiar? American automakers said they needed the loan to help develop products to reach a 35 mpg CAFE standard in the next decade.

Oh, and GM, Ford and Toyota’s European businesses are included in this loan push, too.

Euro carmakers seek $54.5B in aid (Detroit News)

Comments

There was a really interesting article on this today here:

(sorry if i'm not allowed to link)
http://www.carmagazine.co.uk/Community/Car-Magazines-Blogs/Ben-Oliver-Blog2/Why-Americas-bail-out-succeeded-and-Europes-failed/

It' highlights how the european makers are being greedy to ask for this and how they got voted down...

From whom are the European automakers seeking this loan package? That is not stated in the article.

if not mistaken, from the EU people. and it better be from them, not from pelosi.

Yeah, they are seeking it from the European Parliament