Germany earmarks 3 bln euros to support car industry
Source: Xinhua | 2020-11-19
The German government on Tuesday announced an extra support package of 3 billion euros (about 3.56 billion U.S. dollars) for its automotive industry, bringing the country's total financial aid for the industry this year to 5 billion euros (about 5.94 billion dollars).
The announcement came after a meeting of German Chancellor Angela Merkel with officials and industry representatives.
"We are all aware that the industry is going through a difficult phase that affects hundreds of thousands of jobs," said Economy Minister Peter Altmaier.
The stimulus package is expected to boost sales of the car industry, which suffered sales dips from the COVID-19 pandemic, and to support the production of electric cars, said Steffen Seibert, Merkel's spokesman.
"We want to join the path out of the economic crisis with the path out of the climate crisis," said Environment Minister Svenja Schulze.
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