Mexican Media Brands
Russia Agrees to Aid Car Plants
Russia has agreed to give carmakers 10 billion rubles (€155 million) in subsidies to keep producing vehicles during the country's economic slump.
#economics
Share
Russia has agreed to give carmakers 10 billion rubles (€155 million) in subsidies to keep producing vehicles during the country's economic slump.
The program is intended to preserve jobs by paying factories to make an additional 110,000 vehicles in the current quarter, according to a government statement. The plan may be expanded with incentives to consumers to buy the resulting output.
Retail sales of passenger vehicles in Russia fell 10% in 2014. Demand this year is down another 32%, including a 38% drop last month, according to the Moscow-based Assn. of European Businesses. The government's statistics agency says vehicle output fell 17% to 130,000 units in February.
RELATED CONTENT
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data