Sep 10
Peugeot and Renault reimburse the State
The automotive industry is recovering. Another sign of this improvement, the French carmakers Peugeot and Renault is expected to unveil today an early repayment of their loan in April 2009 with the state, reports La Tribune. And the sum is not small since both groups are expected to announce the repayment of one billion euros each on the six billion borrowed in April 2009, subject to an interest rate of 6%. Initially, the repayments were to begin in 2011 for a deadline in 2014.
The announcement is expected as Prime Minister Francois Fillon has to go today at a PSA Sochaux to "visit devoted to government measures for the automotive sector" payday loans. The Head of State will be accompanied by Economy Minister Christine Lagarde.Besides a review of measures taken by the state to support the sector, Francois Fillon would reveal new features.
In recent months manufacturers have stepped up signs indicating a recovery of the sector. Renault and Peugeot have conducted launches of new models. SAP has announced a new wave of hiring Wednesday of nearly 900 employees after the 1100 recruitments in June And both groups have returned to profit in the first half.
Comments Off