One group is displeased at Congress granting United States automakers General Motors, Ford Motor Company, and Chrysler LLC $25 billion in loans to help their struggling industry: the competition.
Several German automakers have expressed their disapproval at the news of the low-interest loans that were granted by the United States House of Representatives. Several feel that this puts them at an extreme disadvantage and that the extra funding to the United States automakers may only hurt the industry. "That results in a distortion of competition...in the manufacturing industry, one should leave things to the free market," said Anton Weinmann, CEO of German-based MAN Commercial Vehicles.
The United States House of Representatives agreed Wednesday to fund the $25 billion subsidy package and it is expected to pass the Senate as well. Led by Democratic Congressman John Dingell of Michigan, some lawmakers are already considering another $25 billion in subsidies for next year.
Source: Automotive News