ANNOUNCEMENT 17 Feb 2010In February 2010, the government of France announced a change in the required local inputs to serve domestic customers.
NUMBER OF INTERVENTIONS
- Dow Jones Business News, 17 February 2010: Renault Gets EUR 100 Million State Loan For Electric Vehicles
- La Correspondance Economique, 18 February 2010: L' Etat va accorder un pr?t de 100 millions d'euros ? Renault pour la production de ses voitures ?lectriques ? Flins.
- Industry Ministry, 15 February 2010 8http://www.minefe.gouv.fr/discours-presse/discours-communiques_finances.php?type=communique&id=3926&rub=1)
On 17 February 2010, Renault received a EUR 100 million state loan for electric vehicules in return of a pledge to increase local content and to maintain employment.
According to Dow Jones, La Correspondance Economique and other media, Mr Patrick Pelata, Renault's chief operating officer, explained that Renault borrows from the state (and not from its banks) because their borrowing capacity is not infinite. No evidence for an interest rate below market rates could be identified.
The same press articles mention that Estrosi said that Renault has pledged to try to get the local content for the development of electric cars up to 70% (up from 40%), and that the loan agreement includes a clause under which Renault has also committed to maintain employment levels at Flins, a Renault plant west of Paris.
Except for announcing the meeting between Estrosi and Pelata, official sources would not comment on this accord accord.