France unveils $8.8 billion rescue for ailing car industry

PARIS (AP) — French President Emmanuel Macron has announced a plan to save the country’s car industry from huge losses wrought by virus lockdowns, including a big boost for electric vehicles. The plan is worth  8 billion euros, or $8.8 billion. It includes government subsidies for car buyers and longer-term investment in innovative technology, especially in battery-powered cars. Macron said that the country “country wouldn’t be the same without its great brands – Renault, Peugeot, Citroen,.” He announced a goal of making France the leading producer of “clean” cars in Europe. The package does not include a government loan guarantee under discussion for struggling Renault.