Sweden Willing to Aid Automotive Industry
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More importantly, Volvo's and Saab's future is in doubt as their parent company, Ford Motor and General Motors, respectively, may sell the two Swedish brands as soon as possible, as part of their attempt to remain on the floating line of the financial crisis.
"The measures will be taken with the clear assumption that the state does not intend to acquire any of the existing automotive manufacturers," Reuters reported quoting government sources.
Beside all of these, Sweden issued a more “unique” idea that could help the country revive the domestic auto industry: a state-owned firm especially focused on automotive research and new technology development. 3 billion crowns have already been assigned for this task, Reuters wrote.
"We have with these three measures found a structure which allows us, with great responsibility for public finances, to lay the groundwork for solving the real problems of the automotive industry," Finance Minister Anders Borg explained the role of this new investment.
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On 27 September 2011 at 17:50 UTC, Sri said:
This is great news. Both Volvo & Saab make solid cars and should not be allowed to go wayside.
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