TELETRADER News
5/19, 9:34 AM (Source: TeleTrader)
more TeleTrader news

Italian auto sector provides jobs and needs support - official

The automobile sector represents a major part in Italy's economy and provides jobs and it should count on the government's support, Deputy Minister of Economy Laura Castelli said in an interview with Il Messaggero on Tuesday.

"The crisis must also open up companies to new markets, new development models, favor transformation," Castelli explained. "The automotive industry certainly represents, together with related activities, a significant share of GDP, and it is right to support those who create employment in Italy. We are thinking about it."

The revenues of car manufacturers have decreased significantly in the hour of the coronavirus pandemic. Fiat Chrysler Automobiles (FCA) suffered a net loss of €1.7 billion in the first quarter and a revenue drop of 16% compared to the last year. It has been reported the automobile giant will seek state financial aid to support its business in the near future.

Breaking the News / JR