French President Nicolas Sarkozy has pledged support for the auto industry in France and said that France and Germany are determined to help their car industry weather the economic storm.
He was speaking following talks with Germany’s Chancellor Angela Merkel.
“We will not let down our automobile industry, this is a permanent fixture for Europe,” Sarkozy said at a joint news conference at the Elysee presidential palace.
“I understand that in Germany, there is precisely this same willingness.”
Sarkozy also voiced concern that US federal aid for the Detroit Big Three could will leave European car manufacturers at a disadvantage.
“We can’t have the Americans unlocking 25 billion dollars in loans for their three manufacturers while we would be caught up in a state assistance regime that does not allow us to help our European automakers,” he said.
Les Echos said yesterday that the French government was looking into a plan to support its car industry as part of its 20-billion-euro strategic investment fund.