Spanish suppliers association, SERNAUTO has welcomed the announcement by Madrid it is to pump EUR3.75bn (US$4.24bn) into the auto sector, with a focus on fleet renewal and competitiveness.

Madrid has labelled the scheme the: “Plan to boost the automotive industry value chain: Towards a sustainable and connected mobility.”

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The funds will divided into EUR1.54bn in 2020 and EUR2.22bn in 2021/22.

“The sector welcomes this plan to boost the automotive industry value chain and urge to implement the measures as soon as possible,” said a SERNAUTO statement sent to just-auto from Madrid. “The sector was severely affected by the outbreak of coronavirus and needs political and economic support, at national and EU level to mitigate the effects of the economic crisis in our sector and to maintain the competitiveness of the Spanish automotive suppliers in a global environment.

“The whole automotive value chain, from vehicle manufacturers and suppliers to dealers, is fully committed with the economic recovery, R&D&I investments, employment and skills in Spain.

“The Spanish plan acknowledges the importance and the weight of the automotive sector in the national economy. In the short term it aims at mitigating the effects of the sector break-down and in the mid and long term at setting the basis for the transition towards future mobility.”

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SERNAUTO adds sector representatives, the government and the unions will work together in the definition of the measures to be implemented, in areas such as demand recovery, investment and R&D&I support, fiscal incentives, employment and skills.