Word: peugeot
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...program's Dec. 31 expiration date. When similar initiatives were launched in France and Italy in the early 1990s, Rhys says, "there was a big sag in the market when the scheme ended." That same prospect has angered some in the industry. Christian Streiff, boss of France's PSA Peugeot Citroën, warned such incentive schemes have an "inverse effect" - they essentially guarantee an implosion in the market once the subsidies stop. (See the best cars from the 2009 Detroit Auto Show...
...Nicolas Sarkozy thinks so, albeit with some controversial conditions. Just before unveiling an $8 billion loan for French carmakers Renault and PSA Peugeot Citroen last week, the French President suggested the aid should be conditional on them packing up their plants elsewhere in the E.U. and returning all production to their homeland. "If we are to give financial assistance to the auto industry, we don't want to see another factory being moved to the Czech Republic," he said, referring to Peugeot Citroen's seven-year old Czech plant. (See pictures of Sarkozy...
...surprise that the row revolves around cars, an industry badly hit by the downturn. Sarkozy's loan package was announced the day Peugeot Citroen revealed 11,000 job cuts worldwide. Sales at German firms such as VW, Europe's biggest carmaker, dropped 16% in January, BMW, the world leader in luxury autos, was down 22% and Daimler AG's Mercedes unit fell 35%. No surprise that European carmakers are pleading for an immediate $19 billion cash injection from...
...Slovak Prime Minister Robert Fico said his country, which also hosts a plant owned by PSA Peugeot Citroen, could launch retaliatory measures against Paris. "Calls for such brutal protectionism are not helping anyone," he said. "If one country starts behaving like this, for example France, then we will send Gaz de France home...
...France Every Country for Itself? Detroit's automakers aren't the only ones getting a helping hand. French President Nicolas Sarkozy has proposed loans of $3.9 billion each to Peugeot Citroën and Renault in exchange for promises that the companies won't enact layoffs in France. The proposal drew charges of protectionism from other E.U. members, who say the plan could force the carmakers to cut workers in other countries. Other recent E.U. auto-assistance deals...