‘Worst crisis ever’: Carmakers line up for recovery cash amid calls to go green

(EurActiv, 25 Mar 2020) While European carmakers cry for help, environmentalists say public money aimed at helping the automotive industry recover from the COVID-19 crisis must be future-proof and geared towards green technologies.

With many EU countries in complete lockdown, interrupted supply chains and workers requested to stay home, the automotive industry finds itself in an alarming situation. Several carmakers have already said they will temporarily halt production at European factories and more announcements could follow in the coming weeks.

Eric-Mark Huitema, director general of ACEA, the European Automobile Manufacturers Association, called it “the worst crisis ever to impact the automotive industry”.

Emphasising the present emergency, he called for “immediate liquidity support for automobile companies, their suppliers and dealers.”

Immediate support is underway. Last week, the European Central Bank announced an €870 billion bond-buying programme to stabilise the eurozone economy. And the European Commission has started approving national state aid schemes to support businesses during the crisis. The eurozone’s stability and growth pact is also being temporarily suspended in order to allow billions of euros in government spending to support the economy.

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EurActiv, 25 Mar 2020: ‘Worst crisis ever’: Carmakers line up for recovery cash amid calls to go green