Loading ...Ford and Renault required last week the Romanian state guarantee some investments totaling 500 million euros, this being the first state aid requested by foreign investors on the domestic market following Romania’s accession to the European Union, reads the Ziarul Financiar daily on December 15.
US car maker Ford planning to initiate investments amounting to 675 million euros in Romania as of 2008 has required Romanian state provide loan guarantees with the European Investment Bank (BEI) totaling some 400 million euros, Nadia Crisan, Ford Romania representative said.
US car maker Ford planning to initiate investments amounting to 675 million euros in Romania as of 2008 has required Romanian state provide loan guarantees with the European Investment Bank (BEI) totaling some 400 million euros, Nadia Crisan, Ford Romania representative said.
Renault, having recently initiated the development of the Renault Technologie Roumanie (RTR) engineering center has submitted an identical request to the Romanian state, requiring guarantees for a 100-million euro loan, according to the information published last week and confirmed for the Business Standard daily by sources from the domestic car market.
The incumbent Prime Minister Calin Popescu-Tariceanu said such state aid could be granted to the two large carmakers, adding the Austrian company Voestalpine might receive a similar support if it decided to base its iron and steel works in Romania. The Voestalpine investment was estimated at 5 million euros.
Ford paid 57 million euros for a 72.4% stake in the Automobile Craiova at the beginning of this year, with the US manufacturer promising to make direct investments amounting to 675 million euros in upgrading the plant and supplementing the number of employees.
Ford paid 57 million euros for a 72.4% stake in the Automobile Craiova at the beginning of this year, with the US manufacturer promising to make direct investments amounting to 675 million euros in upgrading the plant and supplementing the number of employees.
The company’s plan provided for an annual production of 300,000 vehicles and 300,000 engines by 2012. At the same time, Ford was planning to increase the number of employees from 3,900 to 7,000 – 9,000.
Renault Technologie Roumanie is the only Renault engineering center based outside France, with the future versions of the Logan range, as well as other models of the French carmaker to be developed here.
Renault Technologie Roumanie is the only Renault engineering center based outside France, with the future versions of the Logan range, as well as other models of the French carmaker to be developed here.
The RTR project relates to an investment programme of nearly 500 million euros, carried out during a 5-year period. Renault investments in Romania have reached 1.4 billion euros so far, to reach 2.2 billion euros by 2012.
The sales of new cars have dropped by more than 50% in November this year against the same month of 2007, reaching some 17,000 units, while as many as 309,000 units have been delivered in the first 11 months of 2008, down 7% compared to 2007.
The sales of new cars have dropped by more than 50% in November this year against the same month of 2007, reaching some 17,000 units, while as many as 309,000 units have been delivered in the first 11 months of 2008, down 7% compared to 2007.
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