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EU signals readiness to support auto industry

(Xinhua)
Updated: 2008-10-30 09:20

BRUSSELS -- The European Commission signaled its readiness on Wednesday to support auto industry in meeting stricter CO2 emissions targets in the face of the ongoing global financial crisis and sharp economic slowdown.

"We are open to the possibility of providing support for the development of low emission cars, high tech cars that could help the European motor industry maintain its global competitiveness," the European Commission President Jose Manuel Barroso told reporters in Brussels on Wednesday.

European carmakers are required to cut carbon dioxide emissions from cars by 18 percent by 2012, but the financial crisis and economic slowdown have made the aim increasingly difficult to achieve.

Figures from the European Automobile Manufacturers Association (ACEA) showed the European commercial vehicle market fell for the fifth straight month in September, with an 8.8 percent fall in new vehicle registrations, and the outlook for the last quarter of this year was even more miserable.

The ACEA is seeking 40 billion euros ($51 billion) at attractive rates from the EU to help develop greener cars.

"Loan subsidies could be provided via the European Investment Bank (EIB)," EU Industry Commissioner Guenter Verheugen told a separate press conference Wednesday after meeting auto industry chief executives.

"We are talking about a credit volume of 40 billion euros available for research and development in the area of energy efficiency, and lower fuel consumption of new vehicles," he said.

But Verheugen added the decision was at hands of EU governments since the commission has no power over the Luxembourg-based EIB.

The US government announced last month to provide $25 billion in low-interest loans to help US carmakers improve the fuel efficiency of vehicles by 40 percent by 2020, putting European rivals under disadvantage.

EU leaders said at a summit two weeks ago the 27-nation bloc should follow the US suit to support car industry.