Germany to up financial aid for cars sector - government sources

Germany will provide an additional 1 billion euros (896.4 million pounds) to support the battered automobile industry

Reuters

17 November, 2020, 08:15 pm

Last modified: 17 November, 2020, 08:17 pm

Employees, separated by plastic hygiene protection, work at the A3 and A4 production line of the German car manufacturer Audi, amid the spread of the coronavirus disease (Covid-19) in Ingolstadt, Germany Photo: Reuters

Germany will provide an additional 1 billion euros (896.4 million pounds) to support the battered automobile industry by subsidizing the development and production of climate-friendly cars, two government sources told Reuters on Tuesday.

Another at least 500 million euros will be used for a scrappage scheme for older trucks, the sources told Reuters.

Suppliers can expect up to 500 million euros in guarantees to secure loans, they said.

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