Perhaps the European automakers, like BMW, Porsche, and Citroen, are jealous to see American carmakers Ford, General Motors and Chrysler getting low interest loans from the U.S. government.In any case, they are now asking for their own low interest loan package.
The European Union is demanding that car makers reduce carbon dioxide emissions from new cars to an average of 130g per km traveled. Manufacturers that don’t comply could be fined for each car that goes beyond the limit. Thus, the European automakers are asking 40 billion euros ($54 billion) to be used to develop “green” technologies. PSA Peugeot Citroen said that such a loan will be used by them to modernize plants and meet said mandates for cleaner cars.