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France wants car sector jobs to stay in the country (Photo: European Commission)

France to rescue domestic car industry

France on Monday (9 February) announced €6.5 billion in loans to three national automobile manufacturers in a bid to save jobs.

President Nicolas Sarkozy announced that Peugeot-Citroen will receive €3 billion in preferential loans, as will Renault.

Renault Trucks, which, while based in France, is actually own by AB Volvo of Sweden, will receive €500 million in loans.

The negotiated quid pro quo is a pledge to keep the car factories open, maintain jobs and produce ‘green' car...

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France wants car sector jobs to stay in the country (Photo: European Commission)

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