Auto industry key part of Italy GDP, fair to support FCA if creates jobs: minister
Reuters
Published May 19, 2020 02:56AM ET
MILAN (Reuters) - The auto industry represents a significant share of Italy's economy and it's right to support those who create jobs in the country, Deputy Economy Minister Laura Castelli said when asked about Fiat Chrysler's (MI:FCHA) request for state-backed loans.
The Italian-American group confirmed on Saturday its Italian unit was working with Rome to obtain state guarantees on a 6.3-billion-euro ($6.88 billion) loan facility designed to help Italy's automotive industry, comprised of approximately 10,000 small and medium-size businesses.
The coronavirus outbreak, which has hit Italy especially hard, slammed the brakes on demand for new vehicles and forced automakers to halt most production, burning cash.
"The crisis must also open up companies to new markets, new development models, favour transformation," the minister told daily Il Messaggero in an interview. "The automotive industry certainly represents, together with related activities, a significant share of GDP, and it is right to support those who create employment in Italy. We are thinking about it."
($1 = 0.9155 euros)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.