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Report: Ford Germany needs no state bailout money | The Detroit News | detnews.com |
BERLIN -- Bernhard Mattes, chief of Ford Motor Co.'s German unit, said that while the company can survive without a bailout from the German state, it hopes the European Union will help the ailing auto industry with a loan package.
"We support a euro40 billion ($50 billion) loan from the European Investment Bank for all European carmakers which will give us the possibility to achieve better efficiency and emissions standards faster," Mattes was quoted as saying in Friday's edition of Germany's Bild newspaper.
"We have to push all of our development," he said.
The European Investment Bank is currently assessing whether it will make the loan to the industry, which has been suffering as the economic crisis has caused car sales to plummet.
"These would be loans with interest, that have to be paid back, so it's not a gift. This is about modern technology and competitive competence for the world market," Mattes said.
Despite the hard times, he said the survival of Ford's German unit does not depend upon a financial rescue package from the German government.
"We don't need any money from (German Chancellor Angela) Merkel. We never needed and don't need any state bailout money from the government."
[source]
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