Argentina Unveils $9 Billion Plan To Spur Demand For Cars
Under the plan, first-time car buyers can get their vehicle financed, and demand could be boosted by some 100,000 units a year, Manufacturing Minister Debora Giorgi said at Government House.
"We are aiming to reorient where funds are going so that they stop being used for financial speculation and start helping bolster the economy and maintain jobs" in a vital industry for the local economy, she said.
There are some rules: the plan covers 12 lower-priced vehicles, two at each of the main automakers in the country. And the car's value cannot top $9,100. It can be financed up to 60 months.
Some 150,000 people work in Argentina's auto industry which exports vehicles worth some $8 billion annually - about 36% of manufactured exports.
The funds will be taken from the state-held retirement and pension system.
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(END) Dow Jones Newswires
December 06, 2008 17:38 ET (22:38 GMT)
Publié le 06 Décembre 2008 Copyright © 2008 Dowjones
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