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ReprintsGhosn does not expect many new auto alliances
Automotive News Europe
February 26, 2009 10:00 CET
PARIS (Reuters) -- Renault CEO Carlos Ghosn said he did not expect many tie-up deals in the industry until the financial environment had stabilized. Ghosn was asked by the Les Echos weekly in an interview whether the car industry crisis would lead to new alliances among the makers.
"I do not think that you will see many initiatives of that sort as long as the financial systems have not stabilized," he said. Ghosn rejected the suggestion that carmakers are begging governments for financial help.
"We are not asking for money. We just need loans. The banks do not want to lend us money -- or only at prohibitive rates. Last year we obtained rates of 3.5 to 4 percent. Today we get offered rates of 9 percent," he said.
"If one wants to avoid a social drama, we need access to credit at reasonable rates and if I say that I am thinking in particular about the employees of Renault," he said. |
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