Peugeot: EU launches inquiry into aid of E20.7m
(CercleFinance.com) - The European Commission announces the opening of an in-depth investigation into planned State aid for a Peugeot factory in Spain.
The Commission wants to determine whether Spain's plan to grant public aid of 20.7 million euros to PSA for the company to invest in its existing car plant in Vigo (Spain) is in line with EU rules on State aid for regional purposes.
PSA will invest nearly 500 million euros in new production lines for the launch of new vehicles, as well as in process improvements at the existing Peugeot Citroën Automobiles España plant in Vigo, Spain.
argrethe Vestager, Commissioner for Competition Policy, said thathe Commission will carefully examine whether the aid planned by Spain is really necessary for Peugeot to invest in truly innovative production processes in Vigo and if this aid will contribute to the development of the region without unduly distorting competition or undermining cohesion in the EU.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The Commission wants to determine whether Spain's plan to grant public aid of 20.7 million euros to PSA for the company to invest in its existing car plant in Vigo (Spain) is in line with EU rules on State aid for regional purposes.
PSA will invest nearly 500 million euros in new production lines for the launch of new vehicles, as well as in process improvements at the existing Peugeot Citroën Automobiles España plant in Vigo, Spain.
argrethe Vestager, Commissioner for Competition Policy, said thathe Commission will carefully examine whether the aid planned by Spain is really necessary for Peugeot to invest in truly innovative production processes in Vigo and if this aid will contribute to the development of the region without unduly distorting competition or undermining cohesion in the EU.
Copyright (c) 2019 CercleFinance.com. All rights reserved.