Wednesday, February 18, 2009

Report: BMW may apply for state aid, plans to cut production


American carmakers recently secured a multi-billion dollar loan guarantee from the federal government but their counterparts across the pond haven’t been so lucky. Late last year the European Commission approved plans to provide up to $6 billion to its automotive industry, far short of the $55 billion in loans Europe’s carmakers had been hoping for, and since then no aid package has been finalized. According to a new report, BMW is now considering applying to the German government for a state guarantee to back up its borrowings.

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