France Unveils $8.8 Billion Plan To Save Its Auto Industry

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France Unveils $8.8 Billion Plan To Save Its Auto Industry
French President Emmanuel Macron said he wants to make France the leading producer of clean vehicles in Europe.
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French President Emmanuel Macron unveiled an $8.8 billion plan to save the country's auto industry, which has seen huge losses during the coronavirus pandemic. 

Macron made the announcement during his visit to a Valeo electric car parts factory Tuesday. He said wants to make France the leading producer of clean vehicles in Europe. The goal is to build more than 1 million electric cars every year within five years. 

Macron said France has around 400,000 unsold cars and that the industry has seen an 80% drop in sales.

To help boost sales, the government is offering subsidies to entice consumers. That includes the equivalent of over $7,000 off electric vehicles and $2,000 off hybrids.