€40 billion is needed to save the European car industry from collapse, European car maker association president Carlos Ghosn said today. This news came as reports suggest that more than 1,300 employees could face the sack in troubled car make Jaguar-Land Rover.
Car makers in Europe were urged to keep a close eye on the outcomes of the proposed plan by President Obama to bail out US car makes, argued EU Industry Commissioner Geunter.
Latvia is also in need of help. The Finance Ministers of the European Union agreed to give the troubled Baltic EU member state a €3.1 billion loan.
Meanwhile, Fiat announced it acquired a 35% stake in Chrysler. The New York Times reported, Sergio Marchionne, the chief executive of Fiat saying in a statement:
“This initiative represents a key milestone in the rapidly changing landscape of the automotive sector and confirms Fiat and Chrysler commitment and determination to continue to play a significant role in this global process,”
Jurys Inns, a small British hotel chain, was a rare source of good news as it announced the creation of 300 jobs as it intends to build new hotels in Newcastle-upon-Thyne, Portsmouth and Glasgow.
Tags: ACEA, Car Industry, chrysler, Fiat, ghosn, jaguar, jurys inns, land rover, latvia, uk
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