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Spain plans 3.7 billion euro auto sector aid package, says PM

FILE PHOTO: Spanish Prime Minister Pedro Sanchez takes of his face mask at the start of a session to request a sixth extension of the state of emergency amid the coronavirus disease (COVID-19) outbreak at Parliament in Madrid, Spain, June 3, 2020. Dani Duch/Pool via REUTERS

MADRID (Reuters) - Spain plans a 3.7 billion euro aid package for its automobile sector, hit hard by the coronavirus pandemic, to promote investment and the purchase of vehicles, specially electric models, Prime Minister Pedro Sanchez said on Sunday.

Sanchez said details of the plan, which will also include fiscal and research measures, would be announced on Monday for a sector that accounts for a tenth of Spain’s national output and close to a fifth of its exports.

The lockdown, imposed to curb the spread of the new coronavirus, has battered car sales in Spain.

Reporting by Joan Faus; Editing by Gareth Jones