Car companies need urgent support

Mon, 09 Mar 2009



According to car finance news, the motor industry is planning to ask Lord Mandelson for urgent support from the government at a crisis meeting in Whitehall. As many as 90 car companies will come together to attend a seminar in the Department for Business, Enterprise and Regulatory Reform.

America is also facing vehicle and car finance industry problems, with one of the largest components companies in the world, Visteon, likely to file for Chapter 11 bankruptcy shortly. Visteon employs around 3,000 people in the UK.

It is thought that the companies will ask Mandelson for quick access to cheap loans for car finance firms. Furthermore, an assisted scrappage scheme is likely to be called for. Some car companies are calling for direct assistance, including Jaguar Land Rover and GM Europe. Parent company General Motors may also file for bankruptcy.
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