Loans Provided To Auto Companies

News: According to Xinhua, the Mexican president, Felipe Calderon has disclosed that the government has provided loans in excess of MXN15bn (US$1.1bn) to auto-linked companies in the country. He added that the government's scheme will be able to provide upto MXN27bn (US$2bn) to auto-part makers, finishing plants, dealers and captive auto finance companies. Calderon also announced the details of a car ownership renewal program in which owners of more than 10 years old cars can exchange them for new ones with a subsidy of upto MXN15,000 (US$1,128).

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