FRANCE: Renault/Caterham JV regional aid split between grant and repayable loan
Regional aid to Renault's joint venture in Dieppe with UK operation, Caterham, to produce Alpine models, will take the form of a partial grant and a repayable loan.
Precise figures surrounding details of the financial package have not been revealed, but the deal secures at least 300 jobs at the northern France site and, according to Renault, the possibility of new ones being created.
"We have not given figures," a spokeswoman for the Haute-Normandie region, under whose jurisdiction Dieppe falls, told just-auto from France. "We have supported it [JV project] in the form of a refundable advance and a grant which is not refundable."
The regional council, comprising two French departments, declined to be drawn on the percentage split between the grant and repayable loan, but the importance of today's (5 November) news can be gauged by the presence at the launch conference of French Economic Redevelopment Minister, Arnaud Montebourg.
"After weeks of work, this announcement is just reward," said Haute-Normandie president, Alain Le Vern, in a statement emailed to just-auto. "With the Economic Redevelopment Minister, we have worked daily with Renault to agree this partnership.
"The region - notably in the framework of its energy projects - will mobilise its economic help for the project. The regional authority will be the first public partner of this project."
The Alpine plant in Dieppe currently builds vehicles developed by Renault Sport Technologies, both production - Clio RS - and racing models.
The Dieppe plant, built in 1969, is the home of the Alpine brand which produced models such as the Berlinette.
Renault CEO Carlos Ghosn has told just-auto that the next 2-3 years will be mediocre for the European car market with little growth, but that he believes Europe's economy will be in a growth phase aft...
As the middle of the year gets closer, the the European automotive marketplace isn't getting any easier. By last year, Western Europe's car market had lost 3m units since its 2007 peak (a heady 14.8m...
Results season - Q1 2013, Q4/fiscal year 2012/3, etc. We disappear under a mountain of figures and you get it all neatly sliced, diced and packaged here. Enjoy....
French Economic Redevelopment Minister, Arnaud Montebourg, has welcomed plans by Nissan to build the Micra at Renault's Flins plant near Yvelines, with an objective of producing 82,000 vehicles per ye...
Nissan Motor and Renault plan to utilise common parts in the production of new versions of the Nissan March (Micra) and Renault Clio to cut costs by around 30%....
- THE WEEK THAT WAS: Chinese scoop up Pirelli
- ANALYSIS: Depressed Thai market forces rethink
- ANALYSIS: VW Group - success and succession
- VEHICLE ANALYSIS: A new Volkswagen for the fleets
- ANALYSIS: UK supplier industry perks up
- New York show debuts: Lincoln Continental added
- Tata's Jaguar Land Rover announces GBP 600m spend
- Jaguar unveils second generation XF in London
- Jaguar Land Rover announces Whitley R&D expansion
- Car sharing won't replace car ownership - BMW