EU Greenlights Green Loan To Renault
The EU is very stingy when it comes to financial support for its automakers, and it prohibits most monetary assistance given by EU states to their industries. Of course, there are exceptions, and one such exception makes possible a $516 million loan to Renault.
“The European Investment Bank said on Monday it had decided to lend French carmaker Renault 400 million euros ($516.36 million) for development of a new generation of environmentally friendly vehicles,” says Reuters.
The money will go to developing lightweight materials and other green projects, Reuters was told by the EIB.
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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So it's not the French government propping up a failing French company, but the EIB making a development loan to a relatively healthy company. I know it's not the same, but it sounds like farmers going to the bank in their Sunday best because the only way the bank will lend money is if you appear to not need it.
Probably switching directions after the battery swapping thing went south and I am guessing here but I would say they have some plan. You don't borrow that kind of money with out a game plan.