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The EU is very stingy when it comes to financial support for its automakers, and it prohibits most monetary assistance given by EU states to their industries. Of course, there are exceptions, and one such exception makes possible a $516 million loan to Renault.
“The European Investment Bank said on Monday it had decided to lend French carmaker Renault 400 million euros ($516.36 million) for development of a new generation of environmentally friendly vehicles,” says Reuters.
The money will go to developing lightweight materials and other green projects, Reuters was told by the EIB.
3 Comments on “EU Greenlights Green Loan To Renault...”
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So it’s not the French government propping up a failing French company, but the EIB making a development loan to a relatively healthy company. I know it’s not the same, but it sounds like farmers going to the bank in their Sunday best because the only way the bank will lend money is if you appear to not need it.
Except that Renault is actually doing well.
Probably switching directions after the battery swapping thing went south and I am guessing here but I would say they have some plan. You don’t borrow that kind of money with out a game plan.