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Ford executive: state aid to carmakers not sustainable
October 25, 2012 / 2:41 PM / 5 years ago

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

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