Ford executive: state aid to carmakers not sustainable
DETROIT (Reuters) - Ford Motor Co's head of Europe said on Thursday that state aid to struggling carmakers would be untenable in the future, particularly during the deep economic downturn in Europe.
Stephen Odell, chief executive of Ford of Europe, also pointed out that there was some questions among some automakers about the legality of Peugeot SA's government-backed refinancing deal announced this week.
"I don't think it's sustainable for support from governments to keep competitive companies going forward, particularly in a protracted downsized economy," Odell said, during a conference call in which Ford provided more details about its restructuring in Europe, which includes closing three plants.
(Reporting By Deepa Seetharaman; Editing by Gerald E. McCormick)
- Vice principal of South Korea school in ferry disaster commits suicide |
- After Nevada ranch stand-off, emboldened militias ask: where next?
- All 338 Korean students, teachers rescued from sinking ferry - school official
- Retailer Michaels Stores confirms payment card data breach
- East Ukraine separatists stay put despite diplomatic deal |