France Deploys $8.8 Billion to Rescue Ailing Car Industry

France Deploys $8.8 Billion to Rescue Ailing Car Industry
This picture shows the Renault factory in Douai (North of France) on May 20, 2020. Denis Charlet/AFP via Getty Images
|Updated:

PARIS—France’s government is injecting more than 8 billion euros ($8.8 billion) to save the country’s car industry from huge losses wrought by virus lockdowns, and wants to use the crisis to make France the No. 1 producer of electric vehicles in Europe.

Starting next week, consumers can get up to 12,000 euros from the government for buying an electric car under the “historic” plan unveiled May 26 by French President Emmanuel Macron.