France unveils $8.8 billion rescue for ailing car industry

French President Emmanuel Macron announced an 8 billion-euro ($8.8 billion) plan Tuesday to save the country’s car industry from huge losses wrought by virus lockdowns, including a big boost for electric vehicles.

The plan includes government subsidies for car buyers and longer-term investment in innovative technology, especially in battery-powered cars.

"Our country wouldn’t be the same without its great brands - Renault, Peugeot, Citroen," Macron declared, and announcing a goal of making France the leading producer of "clean" cars in Europe.

The 8 billion euros does not include a 5 billion-euro government loan guarantee under discussion for struggling Renault, or the millions the government has already spent on temporary unemployment payments to auto workers told to stay home for weeks to keep the virus at bay.