AUTO DEALERS GET ANOTHER RECESSION LIFELINE – FROM THE EIB
March 1st, 2009
BY KEITH NUTHALL
LARGE sums of money have started rolling out of the European Investment Bank (EIB) to help keep European auto makers afloat, although its impact will not necessarily prevent dealers from losing suppliers.
The EIB last week (Thursday March 12) announced that its board had approved Euro 3 billion in loans to BMW, Daimler, Fiat, PSA Peugeot-Citroën, Renault, Volvo Cars, Scania and Volvo Trucks. However, although each of these firms will receive Euro 400 million (Volvo Cars getting Euro 200 million), they cannot spend the money on basic operating ...
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